Another modest improvement for Single Family home sales in Ada County for the month of June continues our string of higher sales numbers. There were a total of 535 SF properties sold during the month. Last year there were 710 sales for June. The bright spot of that comparison comes while looking at the trend, which also continues to improve. Remember that our declines are getting smaller each month, going from a 42% decline at the beginning of the year to a 25% decline in June.
Another trend to watch is the number of homes currently listed. As expected, this number has increased each month as more homes come on the market. Part of this is seasonal. We started the year with around 3800 active SF listings, and that number climbed rapidly each month, as it does in any normal year. The increase over the last month has slowed considerably, for a total of 4648. That is only 80 more than last month, and roughly where we were last year at this time. Encouraging news, I'd say. And pending sales are down slightly to 673.
One item I found interesting at the beginning of the month was a look at the rental market in Ada County. As prices for homes rose so rapidly in 2006, and home sales slowed down in 2007, the number of available homes for rent went down sharply and the prices firmed up. Vacancy rates last summer for 3 bedroom, 2 bath homes got into the low single digits, and rents got up close to $980-$1000 in some neighborhoods. This summer however, we see that trend reversing. Vacancy rates by some measures are around 7-8%, and the price is back around $910-$925. This gives us an overall housing market that is full of choices at much more attractive prices, whether you are a renter or a buyer. And with interest rates still low, but starting to creep up, I give the nod to the buyers.
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