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Change in the housing price trend? Data tells interesting stories in Ada, Canyon

There’s a rare lull in the upward trend of median home prices in Ada County for the month of June — but prices continue to march higher in Canyon County.

That’s the story from the monthly data released by the Intermountain Multiple Listing Service which tracks home sales.

Median price trends

In Ada County, the median price of homes sold stood at $525,000, an increase of .33% from the $523,250 median in May. Compared with June of 2020, the median price is up 40% in Ada County.

In Canyon County, the median hit $424,000 – an increase of 3.3% over May. The median is up 48.7% from the same month a year ago.

In the chart above you’ll notice that the Ada Co. line flattens from the trend so far this year, while the Canyon Co. trend continues on roughly the same upward trajectory. A single month can make it hard to judge where the market is headed, and we’ll need several more months of data to see if this is a change – or just a one-month anomaly.

In May we reported that the median home price crossed $500,000 in Ada and $400,000 in Canyon for the first time.

For context, the national data shows that prices are rising across the country – though they are at a higher level in the Treasure Valley. The National Association of Realtors said the median price nationwide stood at $374,400 in May – up 23.6% from the prior year.

The median price is the point “halfway” number for sales. It means half of all homes sold above the amount, and half sold for below the amount.

Inventory levels

Ada CountyJune 2021May 2021June 2020
Median price$525,000$523,250$486,000
Active listings (last day of mo.)729570977
Houses sold9717901,184
Houses pending167616562040
Days on Market101232
BoiseDev.com graphic; Data: Intermountain Multiple Listing Service
Canyon CountyJune 2021May 2021June 2020
Median price$424,000$410,000$285,000
Active listings (last day of mo.)477357415
Houses sold589463579
Houses pending120712231026
Days on Market131234
BoiseDev.com graphic; Data: Intermountain Multiple Listing Service

The inventory picture in both counties also improved slightly from the prior month, with more homes available. On the Ada County side, 729 homes were listed for sale as of the last day of the month of June according to IMLS, while 477 stood on the market in Canyon County. Both numbers show improvement from May – with 280 more homes for sale on the last day of June compared with the last day of May across the two-county region. In Canyon County, more houses are on the market than the same time a year ago when only 415 were available. But in Ada County, the inventory level still lags behind June of 2020 when 977 houses were listed for sale.

In Ada County, the inventory picture got a bit of help with fewer homes sold in the month of June compared with a year ago. Homeowners sold a total of 971 houses in June of 2021, down from 1,184 in June of 2020. In the 2C, the number of homes sold went up very slightly – to 589 this year versus 579 last year.

Houses continue to fly off the market – selling in an average of ten days in Ada County and 13 days in Canyon. That’s an all-time low in Ada, but actually up one day from May in Canyon Co.

Ada Co. real estate reports from BoiseDev:

Don Day - BoiseDev editor
Don is the founder and publisher of BoiseDev. He is a National Edward R. Murrow Award winner and a Stanford University John S. Knight Fellow. Contact him at [email protected].

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