Ada County, Idaho Market Pulse Week of November 2 · from Luke Gilbert's team | |||||||||||||||||||||||||
This week's lean
The week leaned toward buyers. Asking prices held while signed prices slipped. That is buyers doing the negotiating and sellers doing the listening. | |||||||||||||||||||||||||
What moved · resale · vs last week
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Builders in Ada County are carrying more new homes, and fewer of those homes are under contract. Right now 103 new construction homes are pending, down 11 from last week. That is the lowest of the 94 weeks I have saved. Meanwhile, the count of new homes for sale rose to 559, up 10, and it has climbed 13 weeks in a row, each week since the week of August 10. Back in the issue for the week of October 26, I said builders kept adding homes while buyers held back. That gap has widened, and builders are now giving ground on price at the contract stage. If you are buying, builders are where the leverage is. If you are selling a resale home, you have fewer competing resale listings, but the new build down the road is a serious rival. Existing homes The median asking price on resale homes for sale is $638,180, up $1,420. It has risen 6 weeks in a row, each week since the week of September 28, and it is the highest since the week of July 13. Listings fell by 41 to 810, the lowest since the week of May 4, down 4 weeks in a row since the week of October 12. Homes still for sale have been sitting a median of 38 days, up 3, the highest since the week of January 26. That tracks homes still waiting for a buyer, not how fast homes sell. On the contract side, 455 resale homes are under contract, down 5. Their median price is $548,600, down $1,250. Those homes took a median of 20 days to go under contract, up 1. That figure has risen 3 weeks in a row, each week since the week of October 19, and it is the highest since the week of February 2. Here is my take. Sellers keep asking more, while buyers are taking longer to commit and agreeing to prices well below the asking median. If you are selling, price against recent contracts, not against other listings. New construction The median asking price on new homes for sale rose to $598,909, up $6,467. Those homes have been sitting a median of 71 days, unchanged. So the sticker price went up, but the real story is under contract. New homes under contract came in at a median of $542,036, down $25,865. That is the lowest since the week of March 30, and it has fallen 3 weeks in a row, each week since the week of October 19. Those homes took a median of 71 days to go under contract, down 1. New builds now ask less than resale homes, and they also go under contract at a lower median price than resale homes do. If I had to guess, the sticker price is not where builders are bending. The deals are happening below it. The bigger picture The 30-year fixed mortgage rate averaged 7.18% as of November 5, 2026, per Freddie Mac. That is down 0.10 percentage points since 7.28% as of October 1, 2026. It helps a little, but it is not relief. The U.S. added 165,000 jobs in October, which supports buyer confidence but also gives the Fed reason to raise rates again at its December 8-9 meeting. So plan around rates staying high. If you are buying new, ask builders about a rate buydown, where they pay to lower your interest rate. It can cut your monthly payment more than a modest price cut. If you are selling resale, expect buyers to ask for similar help. The short version: builders have more homes and fewer of them under contract, while resale sellers face thinner competition but slower buyers. If you want to talk through what this means for your plans, just hit reply. | |||||||||||||||||||||||||
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The full board · vs last week
Pending = under contract right now, at the signed price. Days = median time on market for listings, or median time to contract for pending. Exact figures in the story above. | |||||||||||||||||||||||||
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