Boise Regional Realtors: Ada, Canyon home prices reach record highs By Meridian Press staff firstname.lastname@example.org HollyBeechMP Jul 12, 2017 (…) Facebook Twitter Email Houses are in various stages of completion in a new south Meridian subdivision on April 24. By Holly Beech/MP Months of supply is the number of homes for sale divided by the average number of closed sales. A balanced market — not favoring buyers or sellers — is typically between four to six months of supply, according to Boise Regional Realtors. Boise Regional Realtors Facebook Twitter Email Print Save Median home prices in Ada and Canyon counties reached record highs in June, according to Boise Regional Realtors.Ada County’s median price reached $273,950, a year-over-year increase of 8.7 percent. Canyon County’s reached $184,000, an increase of 12.4 percent.Three major factors driving up prices are consumer demand, lack of inventory and higher-priced construction, according to Katrina Wehr, Boise Regional Realtors president and managing broker for Keller Williams Realty Boise. “Not market speculation as was common a decade ago,” she said in a press release.Median home prices 10 years ago, in June 2007, were $235,090 in Ada County and $160,000 in Canyon County, according to Intermountain Multiple Listing Service, Inc.BY THE NUMBERS, June 2017Pending home sales:n Ada County: 1,854, up 7.5 percent year over yearn Canyon County: 750, up 10.8 percent year over yearThis represents houses under contract that are set to close in 30 to 90 days. This number is a key indicator of homebuyer demand.Months supply of inventory, new and existing homes:n Ada County: 1.7 months, down 15 percent year over yearn Canyon County: 1.8 months, down 18.2 percent year over yearThis is the number of homes for sale divided by the average number of closed sales. A balanced market — not favoring buyers or sellers — is typically between four to six months of supply.When only looking at new homes, Canyon County has 4.4 months supply, which indicates a more balanced new construction market, according to Boise Regional Realtors. The rate of new homes being sold in Canyon County was up 33 percent in June compared with last year.Ada County’s inventory for both existing and new lags behind demand in all price points, with a few exceptions: existing or new construction homes priced over $700,000, and new construction priced between $160,000 and $200,000, primarily in Kuna and Garden City.Median sale prices of new homes:n Ada County: $345,450, up 14.3 percent year over yearn Canyon County: $239,495, up 6.8 percent year over yearMedian sales price is the price at which half the homes sold for more, and half sold for less. Because more newly constructed homes are selling at higher price points, it’s bringing up the overall median price in both counties.Rate of existing home sales:Existing home sales in Ada County were down 3.5 percent in June year-over-year because fewer homes are available to purchase. The median sales price for existing homes was $255,000, up 6.3 percent over June 2016.In Canyon County, existing home sales were up 8.9 percent, and the median sales price was at $175,350, up 11.9 percent.Click here for the June 2017 report from Boise Regional Realtors. More from this section Dog of the Week: Buddy Posted: 5 p.m. March for Meals March 17 at Kleiner Park Posted: 3:52 p.m. Albertsons now offers grocery delivery with Instacart Posted: 2 p.m. Teens and Substance Abuse Workshop open to the public in Meridian Posted: Feb. 18, 2018 Bruchi's brings cheesesteaks to Meridian Last updated: Feb. 16, 2018 Facebook Twitter Email Print Save HollyBeechMP Follow HollyBeechMP Close Get email notifications on HollyBeechMP daily! Your notification has been saved. There was a problem saving your notification. Whenever HollyBeechMP posts new content, you'll get an email delivered to your inbox with a link. 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