Boise-area home prices set another record

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Home prices just set another record in Ada County, Idaho, with the median sale price rising to $354,405 in June. That's $11,415 higher than May's figure, also a record, and 10% higher than in June 2018.

"There continues to be a shortage of housing, particularly in the lower price points," Breanna Vanstrom, chief executive officer of Boise Regional Realtors, said in a news release.

The supply of existing homes was enough to last barely over one month at the current pace of sales. A balanced market, not favoring buyers or sellers, is typically four to six months. Existing homes stayed on the market an average 19 days, compared with 63 days for costlier new homes.

Sales fell for the second straight month compared with the same months in 2018. But low mortgage rates are helping buyers, the Realtors said.

"Since lower rates equates to lower monthly payments, buyers may be selecting a more expensive home that still fits their budget," the trade group said in the release. "Low mortgage rates also fuel demand for housing, as those who have been waiting for rates to drop to start shopping for homes."

During June, 1,091 houses were sold in Ada County, down 9.4% from the same month a year ago. Even so, the number of houses listed for sale, 1,725, was 313 more than available in June 2018.

The median price in Canyon County inched closer to a record but stayed below it. It was $247,608 — $4,505 higher than in May but slightly below the record $248,500 set in April.

There were 512 homes sold in Canyon County during the month, up from 482 in June 2018. Canyon County also had more homes for sale, 694, compared with 566 a year ago.

Tribune Content Agency
Home prices Purchase Housing inventory Housing market Idaho