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Boise Regional Realtors released its mid-year report, showing a record high median sales price in Ada County.
The median sales price of a new home in the county hit $354,405, a new record, according to the report.
“Ada County home prices have been driven by more new homes selling at overall higher prices, shrinking supply of lower-priced existing homes, as well as, increased purchase power due to low mortgage rates, not from speculation as was common more than a decade ago,” Boise Regional Realtors CEO Breanna Vanstrom wrote in a news release.
New construction homes are gaining a greater share of total sales with fewer existing homes at lower rates. The median sales price for an existing home is $333,495, according to the report.
This, coupled with an increasing demand for housing and fewer existing homes available at lower price points, is raising the median home price in our area,” Vanstrom said in the release.
However, low mortgage rates are allowing homebuyers to purchase homes for lower monthly payments, according to the news release.
The rate in Ada County for a 30-year fixed-rate mortgage is at 3.8 percent, where it’s generally hovered since 2012, according to the report.