Home prices in Ada County rose again in June, accompanied by a yearly 36% decrease in the availability of homes for sale. This highlights the fierce competition over the diminishing supply of low-priced homes.

The median price of a single-family home in Ada County fell 8% from the previous year, reaching $544,881 in June. Canyon County also experienced a decrease, with prices dropping 9% to $405,000.

While home prices remain below year-ago levels, a limited supply of homes has led to steadily higher prices since the beginning of the year. Since January, prices in Ada County have risen by 12.3%, while those in Canyon County have seen a 2.4% increase. In Boise, prices have jumped by 9.7%, ending June at $525,000—the highest level since last July.

Treasure Valley home prices witnessed another surge in May. The ongoing scarcity of available homes intensified competition among buyers, particularly for the lowest-priced properties.

Home prices in Ada County jumped by $36,000 between March and April, followed by an additional increase of $17,000 in May. That's a remarkable $53,000 increase in just two months.

Over the past year, the number of resale listings has fallen. Homeowners are reluctant to let go of low mortgage rates and have hesitated to sell. Additionally, a slowdown in new construction activity last fall means fewer new homes are available.

While demand is notably lower this summer than we have seen in recent years, low supply is more than offsetting the reduced demand.

In

The Ada County real estate market is heating up this spring as home prices jump to their highest point in five months. Limited inventory has sparked intense competition among buyers, fueling the price surge.

The median home price in Ada County soared by $35,600 from the previous month, settling at $517,500—the highest point since November 2022. Despite this increase, prices are still down 13% compared to last April. Boise experienced a similar surge, with home prices climbing $32,505 to $500,000 from the previous month.

Canyon County prices finished April at $389,990, down 18.2% year over year, roughly in line with March.

As the number of available homes for sale continues to decline in 2023, buyers face a significant increase in

The combination of reduced mortgage rates, limited inventory, and robust demand for low-cost homes has helped stabilize Treasure Valley home prices.

Ada County's median home price in March reached a two-year low, dropping to $481,900, representing a 16.2% decline from the previous year. In neighboring Canyon County, home prices fell to $395,000, marking a yearly drop of 12.8%.

Despite these declines, however, prices in both counties have remained relatively steady since the beginning of the year, signaling a potential end to the downward trend.

Between late January and early February, there was a significant decrease in mortgage rates, bringing them to their lowest point since September. This scenario, along with the drop in home prices,

As the spring selling season begins, Treasure Valley home prices display glimmers of stability following year-over-year declines.

In Ada County, the median single-family home price declined 10.7% from the previous year, finishing February at $491,057. Canyon County prices dipped to $389,945, down 10.2% from the year before.

While prices rose slightly in Ada County and declined somewhat in Canyon County, their combined prices are essentially unchanged from January, marking the first month without a decline since October.

Star and Middleton emerged as the only two cities in the Treasure Valley to record a yearly increase in prices. Star saw a gain of 11.7%, while Middleton's prices rose by 2.6%. Conversely, Kuna showed the biggest decline, with

The Treasure Valley housing market saw home prices and sales decline in January, as rising interest rates and a typical seasonal slowdown ahead of the holidays took their toll.

In Ada County, home prices fell 10.2% year-over-year to $485,000—the lowest level since April 2021. Canyon County saw a 6.9% yearly price decrease, settling at $395,445, a slight increase from December but also in line with the beginning of 2021.

The slowdown in the market can be partly attributed to the seasonal trend of fewer sales and lower appreciation in January; it also reflects purchase decisions made months earlier when mortgage rates were at a 20-year high.

Decreasing affordability and increasing economic uncertainty caused many buyers to retreat from the

Treasure Valley home prices remain on a downward trend despite a rapidly shrinking supply of homes for sale.

Median home prices declined 5.7% in Ada County and 7% in Canyon County for the year ending in December.

In 2022, home prices remained positive on a year-over-year basis until November before ultimately finishing the year lower than where they had begun. This marked the first time since 2010 that home prices ended the year lower than where they started.

In January, the average 30-year mortgage rate was just over 3%. However, by the end of December, it had risen to 6.42%. This represents the largest increase for any calendar year on record.

The dramatic rise in rates shocked the system, ending the pandemic-driven housing boom. For

In November, Ada County home prices recorded their first year-over-year price decline since 2014.

On a month-to-month basis, home prices began falling in June but remained higher annually until now. The median home price in Ada County declined by 2.5% from last November. Prices in Canyon County eked out an annual gain of 1.4%.

Home prices have been under pressure this year as moves by the Federal Reserve to tame inflation have sent mortgage rates soaring.

Prices can rise and fall monthly, even when the overall price trend is higher (or lower). Many economists and real estate professionals focus on yearly comparisons to help smooth out that monthly volatility.

In the past few years, buyers saw the fall and winter months as an opportunity to

In October, the supply of homes for sale dropped for the first time this year as rising mortgage rates and slowing appreciation continued to discourage potential sellers.

The number of newly listed homes plunged 30% from September, marking the fourth consecutive monthly decline. While it is not unusual to see a slight slowdown in late summer, new listings are also down nearly a third from last October, suggesting more than a seasonal shift.

Months’ supply of homes for sale in Ada and Canyon County slipped to 2.81 and 2.87, respectively, the first monthly declines since January.

As inventory decreased, Treasure Valley home prices increased. Ada County prices rose 5.1% from last October and jumped $21,000 just from last month. While home prices

Treasure Valley home price appreciation declined to the lowest in eight years as rising interest rates sent affordability to multidecade lows.

Ada County and Canyon County home prices rose just 1% in the year ending in September—the slowest growth rate since 2014.

The two counties' combined sales declined to 1,043 from last year's 1,543, reflecting a shift in buyer sentiment and reduced affordability from rising rates.

Homebuyers have more choice and negotiating power compared to prior years, but monthly payments can create sticker shock.

The year began with near-record low inventory and years of pent-up demand, but rapidly rising interest rates have changed the equation for many would-be buyers.

Since January, mortgage rates have more