Ada County home prices took a breather in July, but median home prices in Canyon County hit a new record high at $185,750, according to Boise Regional Realtors.
Ada County median prices in July settled at $271,000, a slight dip from the June record high of $273,950.
The highest prices of the year have varied from June to July to August over the years. Some years since BRR kept records in 2004 have had prices go down from June to July, only to surge in August.
So far, no year has seen its highest prices after August – but 2017 for the first time had record highs in February and May before they were eclipsed by the existing record in June, according the Intermountain Multiple Listing Service data.
“It’s kind of a freak of nature,” Woyak and Company Realty owner Cindy Woyak said of the February record prices. “It’s probably because we had more cash buyers than we’ve had otherwise.”
Woyak believes the record high will stay with June, and that August and the rest of the year will remain below the June level.
“We’re going to keep with the pattern: People are putting children in school, they don’t want to move and then it’s winter,” Woyak said.
BRR in its monthly market report noted the inventory of existing homes has been lower each month over the same month the prior year for 34 consecutive months since October 2014.
Since early 2016, the same pattern has been in play: low supply of homes, increasing prices and no slow-down in the number of homebuyers willing to pay those prices.
“The data is clear — demand is up, inventory is down, and this is impacting home prices,” BRR President
Katrina Wehr said. “That is the difference in our market today versus the market ten years ago when speculation was driving home prices. With that said, we’d love to see more inventory come online to balance the market and provide buyers with more options when purchasing a home.”
Since October 2014, the home supply in Ada County has dropped 27.3 percent while homes pending for sale have increased 71.7 percent. Similarly in Canyon County, supply tumbled 32.3 percent and demand soared 76.6 percent, according to the BRR report.
This adds up to only a 1.7-month supply of homes on the market in Ada County and 2.0 months in Canyon County. BRR regards a balanced market as four to six months inventory of homes for sale.