![]() Are you looking to sell your home in the coming year? Buyer demand for homes in Ada and Canyon counties saw year-over-year increases in the number of homes sold, making it one of the hottest markets in Idaho. The real estate market in Boise and the Treasure Valley continues to see year-over-year growth. Photo Credit: /vkbhat Boise Housing Market Update for December 2021 We will review real estate in the Treasure Valley, whether home sales are still showing significant increases, and what all of this means to you. Let’s take a deeper look at the housing market from December 2021 to see if now’s the right time for you to sell your home or purchase investment property as we head into 2022. This booming Boise real estate market has sellers excited to cash in on their home investment made years ago and investors eager to buy up land for new communities. ![]() New construction neighborhoods and investment properties are struggling to keep up with demand, offering little relief for excited buyers witnessing month-over-month spikes in home prices. ![]() The result we all can see and feel is that there is more demand for homes than places to live.Īs our population grows and the demand for real estate increases, home prices are keeping pace with the national average. Overall, the real estate market was up as the average price of homes in both Ada and Canyon counties increased to an unprecedented 30% and 37%, respectively. With 2021 in the books, and all of the numbers tallied, 2021 was another year for soaring home prices that benefit sellers who are looking to take advantage of the area’s population growth. The new-homes data are volatile the report showed 90% confidence that the change in sales ranged from a 7.7% decline to a 15.9% increase.It’s a new year full of new opportunities, as well as a chance to look back and recap the Boise Metro real estate market. Those sales fell to a three-month low in April, separate data showed last week. Sales of new homes are considered a timelier barometer than purchases of previously owned homes, which are calculated when contracts close. New-home purchases typically account for more than 10% of total sales and are calculated when contracts are signed. According to Robert Dietz, chief economist at the National Association of Home Builders, new construction now makes up almost a third of housing inventory. With homeowners reluctant to list their properties in a higher mortgage-rate environment and builders working through backlogs to boost output, new construction is gaining market share. The number of homes sold in April and awaiting the start of construction – a measure of backlogs – increased to a more than one-year high of 155,000 last month. That represents 7.6 months of supply at the current sales rate, a one-year low. There were 433,000 new homes for sale as of the end of last month, little changed from a year ago. Purchases also picked up in the Midwest to a more than one-year high. Sales jumped almost 18% in the South to the fastest pace since early last year. Moreover, builder sentiment stands at a 10-month high, partly reflecting more optimism about sales expectations. The gradual pickup in demand suggests residential construction is becoming less of a drag on the economy.ĭespite mortgage rates that are about twice as high as they were at the end of 2021, investors have embraced home builder shares because of the lack of existing-home inventory. Sales have trekked higher since hitting a multiyear low in mid-2022, showcasing how builders are taking advantage of limited listings in the resale market. The median sales price of a new home dropped 8.2% from a year earlier to $420,800, marking the biggest decline since April 2020 and reflecting more purchases of cheaper houses. The median estimate in a Bloomberg survey of economists called for a 665,000 reading. Purchases of new single-family homes increased 4.1% to an annualized 683,000 pace last month from a downwardly revised 656,000 rate in March, government data showed Tuesday. ![]() ![]() new-home sales unexpectedly rose last month to the highest level since March 2022 and prices declined, indicating builders continue to benefit from limited inventory in the resale market. ![]()
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