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Combined Ada, Canyon home prices sees largest decline since COVID-19 pandemic

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Median home prices in the Boise area saw the largest month-over-month declines since the early days of the COVID-19 pandemic’s impact on Idaho in early 2020.

New data from the Intermountain Multiple Listing Service shows the combined median price in Ada County and Canyon County fell 2.37% in June from the level in May. While both Ada and Canyon saw declines, Canyon is seeing bigger decreases, and dropped for the second straight month, while it’s the first month-over-month decline in Ada.

Boise area median house prices. BoiseDev graphic from IMLS data

The median price of a home sold in June was $592,090 in Ada County, and $440,990 in Canyon County.

The price dipped 1.69% in Ada County versus May, and 3.26% in Canyon. The price remains significantly higher than the same time a year ago.

The median price is the “halfway point” of all homes sold in the month – meaning half the homes sold for more and half sold for less.

Home prices are under pressure from average mortgage rates, which have climbed steadily since the beginning of the year – though rates are now starting to fall as demand for home loans has started to decline.

More homes for sale

The total number of homes for sale jumped in both counties – to levels not seen since the last decade.

In Ada County, 2,135 houses were for sale as of the last day of the month of June, and 1,191 houses were available in Canyon. The total – 3,326 houses, is the most since we began tracking in July of 2019. It’s also nearly three times the number available on the last day of June one year ago.

Boise area homes for sale. BoiseDev graphic from IMLS data

The median price data point reflects a bit of a lag because of the way homes are sold. Once a deal is in place, it can take as long as 30 or 60 days for the house to formally close. This means the June data also reflects homes that got deals in place in April or May. That’s key, as interest rate increase throughout the spring started to dent the affordability of homes, which is starting to show in some other metrics like the overall inventory.

While the Intermountain MLS doesn’t release data on the number of listings that have dropped prices – real estate firm Redfin does. That data shows that for the period between May 30 and June 26th, 16% of all listings in Ada County had dropped in price, while 16.6% in Canyon saw a drop. The metric has been steadily rising all year.

Home listings with an active price drop in Ada County in 2022. Vie Redfin

Additional data points

Overall in the two counties, 1,260 homes got to the finish line and were formally sold in June. But that’s a 20% drop off from June of 2021 when 1,572 homes sold. And again, homes sold in June likely had deals struck in April or May.

Pending home sales are also behind last year. In Ada & Canyon combined, 2,451 houses were listed as pending, compared with 2,883 last year – or about 17.6% fewer.

Homes did still get deals written rather quickly in June. IMLS reports the average home got a deal in place in 15 days in Ada Co. and 20 days in Canyon – roughly on pace with May and slightly slower than June of 2021.

Don Day - BoiseDev Editor & Founder
Don Day - BoiseDev Editor & Founder
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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