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Q3 2022 Land Report

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Key takeaways

  • The median price of a single-family home in Ada County in Q3 2022 was $565,000, 5.0% lower than last quarter. This figure is still 5.6% higher than during Q3 of 2021. Canyon County's median home price, which was $440,000 in Q3, is also lower than last quarter's price (by 4.3%) and higher than the price during Q3 2021 (by 5.8%).
  • 928,000 people were employed in Idaho in July 2022, an increase of 15,000 since April 2022. The rise in employment has kept pace with growth of the civilian labor force, which also increased by 15,000 people over that period. At 2.6%, unemployment is 90 basis points lower than the U.S. average. It has hovered in the 2.5%-2.7% range since the middle of Q1.
  • The Treasure Valley continues to experience year-over-year home price growth, but the rate of growth is more moderate than it has been in recent years. Higher mortgage rates, together with this slower price growth, mean that the market does not favor sellers as strongly as it did at the beginning of the year, when inventory had fallen to a record low of 0.3 months. Inventory now sits at 2.9 months in Ada County and 2.8 month in Canyon County, much closer to the four-month supply of a balanced market. 

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Q3 2022 Land Report

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