BOISE, Idaho — Home prices in Ada County hit a new record high median price of $363,000 in January, according to a local realtors group.
The new record is attributed to an increasing share of new home sales and a lack of supply of existing homes compared to demand.
Boise Regional Realtors notes that the Ada County housing market has been shifting to a new norm with new construction sales gaining more of the total market share.
In January 2020, new construction sales made up 40.2% of all sales — an 8.2% increase from a year ago, the group said. New homes are typically priced higher largely due to the increasing cost of land, labor, and materials.
The median sales price for new construction in January was $419,440 — up 12.2% from the same month last year.
Another factor driving up prices, according to BRR: A record low number of existing homes for sale. At the end of January, there were only 361 existing homes available in Ada County, down about 28% from January 2019.
The median sales price last month for existing homes was at $340,000 — up 18.7% from the same month last year.
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