Ada County Home Prices Maintain Steady Climb In August

Sep 13, 2018

According to Boise Regional Realtors, thin supply of existing homes, rising costs of building materials for new homes and skyrocketing demand are keeping housing prices in record-setting territory.

New numbers from Boise Regional Realtors are out detailing the Treasure Valley’s housing market for last month. The rising cost of a house is proving a consistent trend.

Home prices in Ada County are soaring. The combined median price of new built and existing homes was $334,400 dollars last month. Prices rose by about 5 percent from July, and compared to 2017, prices are up about 20 percent year-over-year says Gary Salisbury. He’s the president of Boise Regional Realtors.

The group finds the median sale price of a newly-constructed home came in at a little over $386,000 last month. According to Salisbury, several factors are pushing the prices of brand new homes skyward.

“Land prices, product prices, labor costs,” lists Salisbury. “All that continues to send the new construction price up.”

Salisbury insists homebuyers can find something in their price range if they’re patient and diligent. He says sales and prices can take a slight dip in the fall – that’s been the case traditionally. But, leaving himself some wiggle room, Salisbury hedges.

“This year might be an anomaly to that,” the realtor group president says.

In other words, there’s no telling if the summit is in sight yet.

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