Median home prices surge upward over one month in Treasure Valley

Those looking for more affordable homes in the Treasure Valley just got more hard-pressed to score a deal on a dwelling.

Median home prices in Ada and Canyon Counties has jumped significantly from May to June, according to numbers just released by The Agency Boise real estate firm.

In Ada County, the median price for a home increased by $18,000 month-over-month and $25,000 year-over-year. The median price in June was $569,990 according to data. In Canyon County, the median price was up $5,000 month-over-month to $424,990 in June and almost $20,000 year-over-year.

According to a release issued by The Agency, “the median sales price for new homes is usually higher than existing/resale homes, but in June, the median sales price for existing/resale homes was $599,990, while new homes had a median sales price of $525,557.”

“There was a large share of new home sales in the $450,000 to $600,000 price range as buyers took advantage of builder incentives and promotions offered this spring,” said Jodi Harada, team lead for The HG Group with The Agency Boise. “Many of those transactions closed in June. While new homes typically cost more due to the costs of land, labor and materials, these sales highlight the demand for homes in this price range and that buyers clearly found value in these builder incentives.”

Available home inventories were also up throughout the two counties as Ada had 1,671 available homes for sale (22.6% more than the previous year) and Canyon had 1,092 (47%) available homes for sale.

Though inventory was up, sales were down 6.9% in Ada and 4.5% in Canyon year-over-year.

According to the release, “the imbalance between the supply of homes and demand for homes has driven home prices in the valley over the last few years. With the recent gains in listed inventory, both counties are inching closer to a ‘balanced’ market, or one that doesn’t favor buyers or sellers.”

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