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Home price growth tapers in Ada, stays strong in Canyon

A worker helps build a home in Meridian’s Kingston Point subdivision last year.
A worker helps build a home in Meridian’s Kingston Point subdivision last year. kjones@idahostatesman.com

The Treasure Valley residential real estate market has seen strong price growth in the past year, with median home prices increasing 5.5 percent in Ada County in July compared with the previous year and 13.1 percent in Canyon County, according to the Intermountain Multiple Listing Service.

But the latest monthly data reflect weaker recent growth in Canyon County and decline in Ada County. Canyon County’s median home price rose 3.3 percent in July compared with June. Ada prices fell 4 percent.

Homes in July sold for a median price $243,000 in Ada County and $169,700 in Canyon County.

In both counties, builders have scrambled to increase home inventory, which has dwindled during the recovery from the Great Recession. Homes selling in Canyon in July were on the market an average of 36 days, down from 52 the previous year. In Ada, homes sold in 33 days, down from 52.

Statewide, median prices rose 7 percent from July 2016 compared with July 2015, according to real estate statistics company CoreLogic. Median prices nationwide rose by 6 percent.

“The strongest home price gains continue to be in the western region,” Anand Nallathambi, CoreLogic president and CEO, said in a news release. “As evidence, the Denver, Portland and Seattle metropolitan areas all recorded double-digit appreciation over the last year.”

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