Treasure Valley home prices witnessed another surge in May. The ongoing scarcity of available homes intensified competition among buyers, particularly for the lowest-priced properties.
Home prices in Ada County jumped by $36,000 between March and April, followed by an additional increase of $17,000 in May. That's a remarkable $53,000 increase in just two months.
Over the past year, the number of resale listings has fallen. Homeowners are reluctant to let go of low mortgage rates and have hesitated to sell. Additionally, a slowdown in new construction activity last fall means fewer new homes are available.
While demand is notably lower this summer than we have seen in recent years, low supply is more than offsetting the reduced demand.