BOISE — The median price of existing homes in Ada County continues to skyrocket, as May set another record.

The median sales price for an existing home reached a new high in May of $329,000, according to Boise Regional Realtors. That’s up 14.7% from a year earlier.

The overall median sales price, which includes new and existing homes, went up significantly, too, hitting $342,990 in Ada County last month — a 12.5% increase from the same time last year.

The increasing prices are driven by lack of inventory, according to the release.

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For all price points, there are just six weeks of inventory available. A balanced market generally has between four and six months of inventory, Boise Regional Realtors says.

“Our market needs additional inventory, especially existing homes below the $300,000 price point,” Phil Mount, the group’s president, said in the release.

The share of homes listed above $300,000 is sitting at 61.3%.

“For those looking to purchase a home in Ada County, don’t lose hope,” Mount said. “We’re still at the beginning of the summer selling season so there will be more homes coming online soon.”

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