The median price of a home in Ada County dropped in August. It also dropped in Canyon County – for the second month in a row.
That’s the big headline from the monthly look at housing prices in the two counties, with data from the Intermountain Multiple Listing Service.
In August, the median price of a home sold in Ada County stood at $530,500, a decline of 1.8% percent from the $540,000 median in July. In Canyon, the median fell to $410,500 – a drop of 1.02% from $414,750 in July. It’s also the second month of decline in the median price in a row for the county anchored by Nampa and Caldwell.
The median prices in both counties are still significantly higher than they were a year ago – up 32% in Ada and 33% in Canyon.
While the market remains near historic high pricing levels, the data shows a cooling in prices this summer.
For context, the national median price has been steadily rising each month this year – hitting a new record of $380,000 in July (the most recent month of data available).
Part of the pricing trend is driven by a steadily increasing number of homes available for sale. A total of 1,864 houses were available for sale between Ada & Canyon as of the last day of August – that’s the most on the market since May 2020. (The Intermountain MLS measures supply by counting homes available on the last day of each month.) The number of houses for sale increased every single month this year after bottoming out in January.
The time it takes to get a deal in place to sell a house continues to increase as well. The average home in Ada Co. took 14 days before it went pending in August, up from 13 in July — and ten days in June.
Canyon County also saw homes sell a bit more slowly, going pending in an average of 14 days as well in August, up from 13 in July.
But houses are still selling much more quickly than the same time a year ago when homes went pending in an average of 31 days in Ada and 35 days in Canyon.
The Boise Regional Realtors provided data that shows the real estate market for Ada County remains far from what it considers “balanced – with between four to six months of inventory available, though the metric saw slight improvement to 1 month for existing homes and 1.3 months for new construction.