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Real estate group says data shows increase in sales, price for homes

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.

[New townhomes sit empty in NW Boise during housing shortage]

BRR, which is the advocacy group for local real estate agents, said the housing market remains strong.

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BVA Development
Mutual of America

“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.

Don Day
Don is the founder and editor of BoiseDev. He is a National Edward R. Murrow Award winner and a Stanford University John S. Knight Fellow.

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