BOISE, Idaho — While home prices in many parts of the Treasure Valley have cooled down in recent months, high demand and relatively low supply are keeping prices at much higher levels than we saw just a few years ago.
The median sales price for June 2023 was $545,000 in Ada County, according to data from Intermountain MLS. That's 8% lower than the median price in June 2022, when it was almost $595,000, but more than $10,000 higher than the median price for May of this year. Boise Regional Realtors notes that it's the third consecutive month-to-month "bump up." Mortgage applications have been up for three weeks in a row, showing forward motion for the market, BRR said.
Some of the other counties in the region didn't see the same "bump up" that Ada County did. In Canyon County, the median sales price for this June was $405,000, exactly $10,000 lower than the median for May of this year and $40,000 lower than the median for June 2022.
Gem County's June 2023 median home sales price of $433,258 represents a 7.2% decrease from June 2022, but a "mirror image" of this May, BRR said in a news release.
Elmore County saw year-over-year growth in the median sales price, and was the only county in Boise Regional Realtors' orbit to see year-to-year growth for pending contracts. The median sales price, $335,000 in June of this year, increased by 0.5% from a year ago, but dropped by $5,000 compared to May.
Back to Ada County, Idaho's largest, the recent ups and downs in median home sales prices look like blips compared to the price increases over the past five years. In June 2018, the median home sales price was reported as $299,900, but adjusted in the next year's report to about $322,000. Today, it still exceeds the $500,000 mark first reached in June 2021.
Supply-versus-demand continues to shadow affordability. BRR reports 1,363 homes are currently available in Ada County, 36.2% less compared to June 2022.
However, BRR said, with "pressures from increasing rent prices for two-bedroom homes, consumers are looking for workarounds to get into home ownership." Idaho Housing and Finance Association has assistance programs to help renters explore options toward home ownership.
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