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.
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.”