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Welcome to my monthly market update! This month, we're looking back at the numbers for June. I usually focus on stats, interest rates, and home prices, and I also have some real-world examples of homes sold across different price points. So, let's dive in.

Home Prices and Sales

Looking at the median sales price for Idaho Falls, we're down 1% compared to last year. We're following pretty close to 2023's trends. Now, let's break down the market by looking at specific homes sold last month.

The lowest sale was a one-bed, one-bath home, 895 square feet, built in 1920 on 0.07 acres, selling for $161,000. It needed some work but wasn't in too bad shape.

Our median sale was a four-bed, two-bath home, 1,880 square feet, built in 1992 on 0.18 acres, selling for $364,000. It looked pretty decent with a nice back deck and cool stonework.

The highest sale was a six-bed, six-and-a-half-bath home, 7,000 square feet, built in 2006 on 67 acres, selling for $1.25 million. This place was really nice, with big wood details and great landscaping.

Market Activity

Comparing May to June, we're seeing similar trends. Closings and pending's are both up. We have 282 active listings, which is a 4% increase from May, though we did peak over 300 listings before some went pending. New listings were up 3% from May, closings up 9%, and pending's up 20%. This big jump in pending's is eating up our supply, so we're still around 2.4 months of inventory.

If no new homes came on the market, it would take about 2.5 months to sell everything. This shows how fast homes are getting bought up. It's still a seller's market, which has been the case for the last few years.

The average price for new listings is $534,906, showing tight supply and high competition. Average days on market are down to 38.

Breaking days on market down by price points:

$0 to $400,000 are on the market for about 42 days

$400,000 to $600,000 for 35 days

$600,000 to $800,000 for 50 days

$800,000+ for 86 days.

If you price your home right, it will likely sell faster than these averages.

Interest Rates

Interest rates are about the same as last month, fluctuating between 6.5% and 7%. I can't quote rates, so reach out to your lender for exact numbers. If you need a list of lenders, let me know and I can provide one.

To Buy or Sell?

If you're not sure whether to buy or sell, it really depends on your situation. Feel free to reach out, and we can discuss your options to see if it makes sense for you. Many people are holding back due to uncertainty about interest rates. The Fed has indicated there's a possibility of cutting the basis rate, which could lower interest rates later this year, but nothing is certain yet. CPI data is still above 3%, so rates are staying put for now.

That's all for this month's update. If you have any questions or need anything, my contact info is below. Thanks for reading!

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Cody Wohlschlegel REALTOR® | CW Real Estate | Silvercreek Realty Group