Median home sales prices in Ada County edged up to $242,400 in May in anticipation of the traditional highest prices each year in June, July and August, according to the Boise Regional Realtors market report.
Home prices increased 5.9 percent from May 2015 and were up from $239,000 in April. At the same time, high prices did not deter homebuyers as 1,028 homes sold in Ada County in May, a 13.3 percent increase from the prior May.
The coming months could see the median home price top the all-time high of $247,700 reached in July 2006, but the 2006 prices were driven by speculation rather than today’s increasing consumer demand, said Shari Fernandez, BRR’s communications director.
BRR noted the median price in May of new homes in Ada County at $316,450 is out of reach for many first-time home buyers. Even move-up buyers will find it challenging to buy a new home as the median existing home prices were $228,250.
The median home sales price in Canyon County was $162,100 in May, up 12.4 percent from May 2015, and home sales that month increased 12.1 percent over the prior year.
Housing supply remains tight across the Treasure with only a 2.2-month availability in Ada County and 2.1-month availability. BRR regards 4 to 6 months availability as a balanced market.