After months of skyrocketing home prices in Ada County, April saw a slight dip.
Last month, the median price for a home in Idaho’s largest, most populous county stood at $295,000 – a 4.5 percent drop from March – according to Boise Regional Realtors, which tracks the local real estate market.
The group says the fluctuation stems from significantly more existing homes popping up for sale compared to prior months.
That doesn’t mean the market is trending in favor of buyers, though. Existing homes, on average, sold in 22 days in April – five days faster than they did in March.
No surprises for new construction: Demand is up again by nearly 10 percent over last month.
Analysts say a lack of inventory is one of the driving forces behind Ada County’s ballooning home prices. For the first quarter of the year that wrapped up in March, the number of new and older homes dropped by 26 percent compared to this time last year.
Follow James Dawson on Twitter @RadioDawson for more local news.
Copyright 2018 Boise State Public Radio
