Ada County home prices chill just a bit, record high for Canyon County

Median home prices – new and existing – in Ada County eased off to $319,000 in July, a 1.7 percent drop from the all-time record high of $324,000 in June, according to Boise Regional Realtors‘ monthly housing report.

The July price, however, was 18.2 percent higher than in July 2017, BRR noted.

Canyon County median home prices, however, hit another record high at $229,949, a 24.3 percent increase from the prior July.

Traditionally, the highest home prices of the year fall in summer. But since the start of 2017, Ada home prices have hit record highs in winter and summer.

The Idaho home price increase rates were the third-highest in the country in June behind only Nevada and Washington, according to the most recent statistics released by CoreLogic.  The Irvine, California, real estate data provider calculated the statewide price increase at 11.4 percent for Idaho, 12.6 percent for Nevada, 12.1 percent for Washington and 6.9 percent nationwide.

Yet Ada County was just $22,000 higher than the national median home price of $302,100 calculated in June by the U.S. Census Bureau. The Census’s median nationwide home price peaked at $343,400 in November.

The Ada County median price for an existing home, however, reached $300,000 for the first time in July, while the average Ada County home sale price was $352,574, according to Intermountain Multiple Listing Service, a wholly-owned subsidiary of BRR.

The median price is when half of sales are above and half below the median, while averages can be skewed by extremely high or low or low numbers.

BRR attributes the slight drop in Ada median home price to increases in existing homes on the market each month since March with a spike from 765 in June to 917 in July.

“This is a nice illustration of how more supply – even a little bit – can affect home prices,” said BRR President Gary Salisbury, a senior sales consultant with Equity Northwest Real Estate.

The median new and existing home price in Canyon County first topped $200,000 in March, while the average price hit $200,000 already in May 2017. Even existing home prices have been above $200,000 since May.