This article by Lee Vander Boegh was originally printed in the Idaho Press-Tribune.
In June, Canyon County home sales increased for the fourth consecutive month, according to a new report issued by the Intermountain Multiple Listing Service. The report shows that 12 percent more single-family homes were sold in June than in May, an increase of 73 total homes.
“I think it’s pretty typical for this time of year,” said Michael Eshom, president of the Nampa Association of Realtors.
Eshom said the numbers might be showing sings of softening, but that’s only because more houses are available on the market, not because of decreasing demand, he said.
“While there are more buyers coming into the area, there is more product available,” he said. “It’s a matter of more supply, not less demand.”
The increase was similar to in 2005 when 577 homes were sold in June compared to 523 in May.
But the extra supply might already be pressuring prices. June’s median price, $156,500, was more than $6,000 less than May’s $162,600 — a 4 percent decrease.
Even so, dollar volume increased by more than $7 million last month, growing from a little less than $100.4 million in May to more than $107.4 million in June.
These volumes far surpassed statistics from 2005, when May recorded $68.4 million in dollar volume and June recorded $78.3 million.
Eshom thinks the Canyon County real estate market is still in good shape despite the increased supply. His prognosis: “I think (home sales) will continue increasing at a steady rate.”
