Ada County home prices hit new record high in August, but growth appears to be slowing

Ada County home prices hit a new record high in August, according to the Boise Regional Realtors, who said the median sales price for August of 2017 was $278,000, up 9.6 percent from a year ago. However, the group noted the pace of price increases is slowing, indicating some stabilizing of the market. “Rising home prices are great for sellers and our economy overall, but eventually can cause affordability concerns for buyers, even with low mortgage interest rates,” said Katrina Wehr, president of the group and a Realtor with Keller Williams. “Slowing price increases could be an early indicator of the market coming back into balance, but as long as consumer demand outpaces the number of homes for sale, that low supply vs. high demand relationship should keep actual prices moving up.”

Canyon County also is seeing slowing growth in home prices, the group reported; Canyon County’s median of $183,000 in August, which wasn’t a new record, is up 11 percent from the previous August.

The Realtors have published a market report that shows the average number of days on the market for single-family homes in Ada County was 33 in August, down from 35 a year earlier. The area of the county with the highest median sales price in August was Northeast Boise, at $430,000; it was followed by Eagle, at $424,000; and North Boise, at $356,450. Lowest was Garden City, at $182,450.