The median single-family home price in Ada County hit a record $258,445 in February surpassing the previous high of $239,588 set in June of 2016. In February of 2016, the median sale price was $235,000. House prices are up 9.98% over the previous 12 months. The median sales price is up 95.41% since hitting a near-term low in March of 2011.
New construction homes were the most significant driver with prices jumping to $339,970 from $299,985 last year. There just isn't enough new construction being built to fulfill the demand. In 2005 we saw 4,849 new construction homes sell in Ada County. In 2016 only 2,604 were sold.
Resale homes finished the month at $224,500 up from $212,950 in February of 2016.
The lack of available homes for sale is the…