Canyon Countys median home price jumped 16 percent to $104,900 in June from $90,500 in May, new data show.
Median home prices in Canyon County, one of the hardest hit in foreclosures and job losses during the recession, havent topped $100,000 since November 2009.
But sales were sharply below those of June 2011. According to Intermountain Multiple Listing Service data released Wednesday, June sales were down 26 percent to 243, compared with 327 in June 2011. New-home sales soared 142 percent to 29 from 12 in June the previous year, while existing homes sales declined 34 percent to 214.
Its the housing shortage, said Julie Geller, broker and owner of R. Peterson & Associates in Nampa. She estimates that for every 10 homes under construction, there are only two existing homes to show home buyers.
Its absolutely a good sign, she says. We need a healthy growth in prices.
Still, real estate agents are still wondering how many houses repossessed by banks have not yet hit the market, she said.
Geller is seeing an uptick in the number of people who want to put their homes up for sale.
Im talking with six different people who want to list their homes, she says. While many homeowners still cannot sell because they owe more on their mortgages than their homes are now worth, some buyers are in better shape. Theyre realizing theyre not going to take a loss, or (will take) just a little bit of a loss," Geller said. "And interest rates are so low, they can still buy a good deal.
In Ada County, median home prices were down 3.28 percent to $174,000 in June from $179,000 in May. Sales rose to 690 homes, up 12 percent from June 2011. New-home sales increased 52 percent to 123, while existing-home sales were up 2 percent to 567.
Sandra Forester: 377-6464