Business

Ada County homes prices hit record high

Statesman staff

Aimee Steele, assistant to Michael Edgar of Michael Ryan Real Estate, staffs an open house for a model home in Kingston Pointe subdivision in Meridian in 2015.
Aimee Steele, assistant to Michael Edgar of Michael Ryan Real Estate, staffs an open house for a model home in Kingston Pointe subdivision in Meridian in 2015. kjones@idahostatesman.com

Homes in Ada County sold for a median price of $253,000 in June, surpassing the previous record set in July 2006, according to Boise Regional Realtors.

A tight home inventory and an increasing demand from buyers has ramped up competition, leading to multiple offers the day some homes reach the market.

Median existing-home prices increased 10 percent to $239,900 compared with June 2015, with pending sales increasing nearly 20 percent and inventory decreasing nearly 23 percent.

However, the new-home market median slid to $304,500, down nearly 8 percent from June 2015. The price drop was due to builders completing more homes, as sales for homes priced under $300,000 increased by nearly 71 percent, the real estate agents’ association said.

Pending sales for new homes were up 45 percent compared with June 2015, while inventory remained flat.

The median is the midpoint of all sales from highest to lowest.

  Comments