The median price of a home in Ada County crossed a key psychological barrier for the first time in August.
That’s according to the latest data from the Boise Regional Realtors, the local advocacy group for area real estate agents. The median price is the amount at which half of all homes sold are more expensive, and half are less expensive.
The $400,000 median is another record – and is an uptick of $10,000 from the previous month. The median price jumped 12.7% from the same time last year.
Continued lack of inventory
As with previous reports, BRR said the lack of inventory for homes continues to drive prices up.
Ada Co. real estate reports from BoiseDev:
BRR said only 239 existing homes in Ada County were on the market in August – what it called a “dramatic decrease” of 72.1% from the previous year. It’s the lowest inventory since the agency started tracking in 2006.
The lack of existing homes meant many folks looking for a new home bought new construction instead — putting more pressure on that segment of the market as well. BRR said rising timber prices also contributes to rising new home prices.
It also said low mortgage rates increases the buying power, and allow home buyers “to purchase at higher price points.”