Hot weather brings what I call the summer doldrums in real estate. Home sales typically slow after the spring rush in the Treasure Valley and this year is no exception. The rush was again somewhat muted this year, but home prices did rise in the second quarter, as usual.
Ada County's median existing home price at $564,440 rose 6.5% since Q1 and is up just 0.8% from a year ago. Compared to the last few second quarters where prices jumped 8-10.5%, this is a marked slowing in home price appreciation
Canyon County's median at $400,000 rose only 1.27% from Q1 and is surprisingly down 1.23% from a year ago. Affordability conditions seemed to have had more effect on Canyon County markets this year, but the year over year numbers for both counties are showing much flatter prices than recent years.
If you are looking to buy or sell, contact me for market information on your specific home or price range. Also see my Market Monitor for monthly updates on the Treasure Valley housing markets.