In November, Ada County home prices recorded their first year-over-year price decline since 2014.
On a month-to-month basis, home prices began falling in June but remained higher annually until now. The median home price in Ada County declined by 2.5% from last November. Prices in Canyon County eked out an annual gain of 1.4%.
Home prices have been under pressure this year as moves by the Federal Reserve to tame inflation have sent mortgage rates soaring.
Prices can rise and fall monthly, even when the overall price trend is higher (or lower). Many economists and real estate professionals focus on yearly comparisons to help smooth out that monthly volatility.
In the past few years, buyers saw the fall and winter months as an opportunity to…