Boise was among only six housing markets in the U.S. to hit record high home prices in the first quarter, according to ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database.
Ada County started eclipsing 2007 record home sale prices in July, the typical season that homes command the highest prices in the Treasure Valley. But even in the middle of winter, median prices for a single-family home surged even higher.
Home prices in Ada County hit a record median high of $256,600 in February. Canyon County hit its highest median price for a single-family in March at $175,000, according to statistics from Boise Regional Realtors.
Averaging out the price over the entire first quarter, Ada County also reached a new highest median sales price of $249,000, a 6 percent increase over first quarter 2016, said Breanna Vanstrom, BRR’s chief executive.
“The new median sales price high was caused by two things,” Vanstrom said, “a combination of more existing and new homes selling at higher prices than last year during the first quarter and inventory being down 14.4 percent year-over-year pushing prices up from strong buyer demand.”
Dwindling numbers of homes have been on the market since the beginning of January 2016. Treasure Valley homeowners are holding on to their homes longer, wagering that prices will go higher and also because they are having difficulty finding another home in the tight market.
Boise joined Salem, Ore.; Seattle; Greeley and Fort Collins, Colo.; and Provo, Utah, as the only cities among the 95 markets that ATTOM analyzed to hit record highs in the January-to-March timeframe.
Read the full story in the Idaho Business Review.