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A broken record: Ada County sets new record home prices

A home for sale along the Greenbelt in Eagle.

A home for sale along the Greenbelt in Eagle. Ada County home prices hit a record high for the fourth time this year, with the median sales price for a single-family home reaching $278,000 in August. File photo

Ada County home prices for the fourth time this year have hit a record high, with the median sales price for a single-family home reaching $278,000 in August.

The August median home price was 9.6 percent higher than that of August 2016, according to Boise Regional Realtors.

Ada County recorded also recorded record high prices in February, May and June this year.

BRR attributed the continuing escalation in home prices to the growing population – Idaho is the No. 3 fastest growing state – limited housing supply and increased economic development.

“Rising home prices are great for sellers and our economy overall, but eventually, can cause affordability concerns for buyers, even with low mortgage interest rates,” BRR President Katrina Wehr said in a news release. “As long as consumer demand outpaces the number of homes for sale, that low supply vs. high demand relationship should keep actual prices moving up.”

Homes continue to sell briskly in Ada and Canyon counties. The 1,128 homes sold in Ada County in August were a 10.4 percent year-over-year increase, while Canyon County saw an 11.7 percent increase over August 2016 with the 476 homes sold, according to BRR.

Canyon County fell short of its July record high of $185,750, but the August median sales price of $183,000 is 11 percent higher than that of August 2016.

 

About Teya Vitu

Teya Vitu is an Idaho Business Review reporter, covering commercial real estate, construction, transportation and whatever else may intrigue him in the moment. Join me on Twitter at @IBR_TeyaVitu.

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