The cooling trend in Ada County’s housing market didn’t last long.
Home buyers saw some relief in September, but October numbers show home sales and prices are once again on the rise. In Canyon County, the data are mixed.
Median home prices in Ada County increased 0.75 percent to $321,398 in October, according to the Intermountain Multiple Listing Service. The median in September was $318,990, a dip from August’s $334,400 high.
According to Mike Turner, owner of Front Street Brokers, that’s likely “a natural phenomenon” for this time of year.
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The uptick comes from new construction, where the median price rose 3 percent from $367,900 to $378,976. Existing-home prices fell 3.3 percent to $290,000 from $299,950.
“We’ve been talking about the drop in existing inventory literally for years now, but what’s interesting about today’s market is that we’re seeing more and more new-construction sales,” said Gary Salisbury, president of Boise Regional Realtors, in a Monday news release.
More homes were sold in October than in September across the board. Realtors reported selling 16 more new houses last month than the previous month and 87 more used homes in the same period.
Boise Regional Realtors said that last month marked four years of falling inventory in Ada County — a main reason median prices have risen nearly 20 percent since October 2017.
Still, there are signs that the housing market may be tempering. Turner thinks that may be in part due to federal interest rates rising.
“Interest rates have kind of done their job,” he said. “I don’t foresee, though, that it’s going to ultimately negatively impact our market. I think it will help moderate it.”
In neighboring Canyon County, the downward trend continued overall, IMLS reported. Overall median prices again fell, down 4.3 percent to $220,000, while the medians for both existing homes and new construction fell too.
Still, the number of homes sold increased between September and October. In all, 55 more homes sold in October than the previous month.
“I see Boise as having really health growth right now,” Turner said. It’s not frenzied, and that’s good.”
Other details from the report:
▪ Highest median prices:
Ada - Northeast Boise, $519,450; Eagle, $505,120; North End Boise, $502,000
Canyon - Middleton, $262,004; South Nampa, $229,000; Northeast Nampa, $222,500
▪ Lowest median prices:
Ada - Garden City, $208,500; Boise Bench, $256,950; Kuna, $265,000
Canyon - Northwest Nampa, $197,000; Southwest Caldwell, $205,000; Northwest Caldwell, $210,000