For the first time since October 2014, the median sales price for homes in Ada County dropped year-over-year.
A look into October’s market stats.
The median sales price for homes in Ada County was $565,000 in August, down 4.2% from July but 6.6% higher than August 2021. Higher mortgage interest rates and higher home prices have impacted monthly mortgage payments, causing some potential buyers to make budget adjustments, and others to press pause on their home search for the time being.
Home prices in Ada County dropped in the month of June, according to data from the Boise Regional REALTORS.
And this trend looks like it may continue for the near future, said Boise Realtor Sheila Smith who says she expects home prices to continue dropping for the next couple months.
“I always say I can’t predict the future. But you can generally see what’s going to happen in the next month,” Smith said.
The red-hot fevers in Boise, Idaho, and Austin, Texas, Nos. 2 and 3 on our list, broke too, the data show. Median listing prices in both of these metros posted the slowest year-over-year growth since 2020 in June.