For the first time since the COVID-19 pandemic fully took hold in the Boise area, home sales increased in June over the prior year.
The Boise Regional Realtors said home sales in Ada Co. increased 3.4% in June 2020 over the June 2019 numbers.
Another key indicator, the median home sales price, also increased – reaching a new all-time high of $375,000. The median price means half of all homes sold for more than that amount, and half sold for less. The median price is up 6.3% from June of 2019, showing the increasing cost of housing in the Boise market.
BRR, which is the advocacy group for local real estate agents, said the housing market remains strong.
“This rebound in closed and pending sales was due to pent up buyer demand and the fact that our market was strong before the pandemic hit our region,” BRR president Michelle Bailey said. “While our local housing market may continue to be impacted by the ongoing COVID-19 crisis on some level or another, this uptick in sales and homes under contract is a good sign.”
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The number of homes for sale remains low. The supply of homes stands at just one month’s worth, while BRR said the ideal balance is four to six months. That’s the lowest level since January of 2016 when the organization started tracking the metric.
Disclosure: Boise Regional Realtors is a BoiseDev sponsor. The group had no role in the selection or editorial process of this story.