In October, the supply of homes for sale dropped for the first time this year as rising mortgage rates and slowing appreciation continued to discourage potential sellers.
The number of newly listed homes plunged 30% from September, marking the fourth consecutive monthly decline. While it is not unusual to see a slight slowdown in late summer, new listings are also down nearly a third from last October, suggesting more than a seasonal shift.
Months’ supply of homes for sale in Ada and Canyon County slipped to 2.81 and 2.87, respectively, the first monthly declines since January.
As inventory decreased, Treasure Valley home prices increased. Ada County prices rose 5.1% from last October and jumped $21,000 just from last month. While home prices…