Across the country, housing markets are continuing to see home price appreciation increases and tight inventory. While the same scenario is playing out in the Ada and Canyon County markets, it doesn’t seem to be impeding sales volume according to Boise Regional Realtors.
In April, Ada County and Canyon County home sales climbed by 11.9% and 9.8%, respectively. This was in spite of both counties reporting double-digit increases to their median home prices. In Ada County, the median home price grew by 10.6% compared to the same time last year while the median home price in Canyon County grew by 14.6%.
Inventory in April remained low with both counties showing a 2.1-month supply. In a balanced market, a 6-month supply is considered a healthy inventory level.
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