July brought continued great news for home sellers in the Treasure Valley: record-high home prices in both Ada and Canyon Counties, combined with record-low inventory, is making home buying in these markets more competitive than your favorite extreme sport.
While we are seeing the strongest seller’s market ever recorded in the Treasure Valley, there is a silver lining for home buyers. Thirty-year mortgage rates continue to hit new lows, most recently 2.88%, offsetting some of the record high selling prices we’re seeing.
Let’s take a closer look at the numbers before we jump into what is driving this current market:
- The biggest gains we’re seeing is in Canyon County, which hit a median sales price of $300,000 for the first time ever,