The median price of a home sold in Ada County jumped nearly 5 percent in August, to $334,000, setting another record and eclipsing the previous high by $10,000. The median has risen 20 percent in the past year.
That follows a trend that has been all too common this year. The median sales price, which topped $300,000 for the first time in March, has risen fairly steadily in 2018. It has jumped $54,100 since January, with only two months where it has fallen, April and July, according to the Intermountain Multiple Listing Service.
High demand and low supply — less than a month’s worth of inventory — continue to fuel the increase. The number of homes available for sale in August, 1,681, was 270 fewer than in the same month a year earlier.
The median price for an existing house was a record $309,200. For new homes, the median was $386,470, up $18,770 since January, though down from June’s record $393,705.
Rick Gehrke, an agent with RE/MAX Executives in Eagle, said he expects sales prices to continue to increase this fall. While many families tie selling an old home and buying a new one with summer vacation for children, a large number of Treasure Valley buyers do not fit that mold, he said.
“We’re getting a lot of people who are coming in from California, Washington and other places who are empty-nesters where the time of year doesn’t have a lot to do with their mobility,” Gehrke said.
Gehrke said he had one client from California who bought a house this summer in Nampa and doesn’t expect to move in until next year.
“He said that he’d better buy while the prices were still reasonable,” Gehrke said.
In Canyon County, the median sales price of all homes sold during August fell nearly $10,000, to $220,000, the listing service said. That’s still $37,000 higher than in August 2017.
Although the combined median price fell, individual figures for new and used home sales showed increases from July, according to the report. The new-home median was a record $270,990, up from $269,570 a month earlier. The used-home median was $213,250, up $2,500.
Other details form the Ada County report, in neighborhoods with at least 10 home sales:
▪ Highest median prices: Northeast Boise, $528,900; Eagle, $476,947; North Boise, $467,900; Star, $442,500.
▪ Lowest median prices: Kuna, $259,500; Boise Bench, $259,000; West Boise, $252,900.
Records have been set in Ada County for median home sale prices in every month since March, except for April. In Canyon County, records were set in March, June and July.