Boise Housing Market July 2014

In comparison to last year, Ada County saw a 6% decline in the amount of resale homes that closed, although still up by 24 units when looking at the bigger picture of the first seven months of the year. Canyon County experienced a 14% drop in resale home sales compared to July 2013, with the year-to-date numbers down by a mere 5 units.

The resale inventory for Ada County is continuing to climb, with an average sales price increase of 3% from last year. Canyon County’s average sales price is up by 5% from last year.

New homes sold in Ada County and Canyon County are up 2 units and 6 units, respectively, from one year ago. Year-to-date numbers show that the average new home price is up $34, 233 in Ada County and $10,224 in Canyon County. Pending sales in both counties was 315 units in July, which is down 32% from last year.

While there are slight decreases in comparison to last year’s numbers, the market maintains to hold a fair amount of strength, even with the growth rate for the entire market lower than desired. However, feathers remain unruffled, as the numbers are slowly outperforming those of last year’s. The Boise area continues to be the mecca for retirees and families, and is strongly dependent on the immigration of families to the area. A job growth would suit the Boise area very well, boosting the market greatly!

Summary based on market reports sent by Mike Pennington

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