Small and steady is the theme for last month’s Boise housing market, with the growth coming in at 3% higher than last year’s numbers. But alas, growth it is. It’s a rate that is sustainable in this economy, and a rate that is expected to remain unchanging.
for last month’s Boise housing market, with the growth coming in at 3%Boise housing market, with the growth coming in at 3%
The inventory rates on resale homes were up 39% in Ada County (up 485 units from one year ago) and 24% in Canyon County (up 152 units from one year ago). This handsome inventory will keep resale home prices at bay for perspective buyers in the coming months.
New home inventories for both Ada and Canyon Counties are down slightly, as land, building materials and labor costs continue to maintain their expensive price tags. The inventory of new homes is staying smartly modest, keeping in tune with buyers’ interests. Allowing new home inventories to grow faster than their demand would be devastating to the market. The continued increase in demand for resale homes seems to be a trend that will last. At significantly lower costs (the average price of a new home in Ada County was $312,802 for May, while the average price of a resale home was $226,566. Canyon County’s average price for a new home: $172,558, average resale home price: $141,685), resale homes are simply more attainable for many buyers than new homes.
Summary Based on market reports by Mike Pennington