U.S. and Boise home prices climbed at a faster pace in February than the previous month, driven by higher sales and a limited supply of available houses.

The Standard & Poor’s/Case-Shiller 20-city home price index rose 5 percent in February from 12 months earlier, S&P said April 28. That is up from a 4.5 percent pace in January.

Ada County home prices soared at nearly twice the national rate. The median home price in January was $223,900, up 8 percent from the prior January, and the February-to-February home price rose 9.86 percent to $224,900, according to the Ada County Association… Continue reading →

Idaho is a haven for cash home buyers.

Idaho had the sixth-highest rate of cash home sales in the nation in January and the highest among the Western states, according to real estate data provider CoreLogic.

CoreLogic measured cash sales in Idaho at 46 percent of all home sales for January, trailing Florida at 56.3 percent, Alabama (54.7 percent), New York (48.2 percent), Indiana (47.4 percent) and Missouri (47 percent). The nationwide cash sale average started the year at 38.9 percent.

Idaho has been one of CoreLogic’s top 10 states in cash homes sales since November 2013 – frequently in… Continue reading →

What an amazing year Boise had on the national stage! Making headlines as being one of the most popular cities in the U.S. by various entities and publications, Boise has undeniable appeal. The mild four-season climate, picturesque setting amidst the Boise River and the rolling Boise Foothills has captivated generations. Even with a population well exceeding 200,000, Boiseans are maintaining their friendly ways. It’s a place where people choose to begin their careers, raise a family, start a business or simply settle down and relax. With a balance between the local agricultural and technical economies, such diversity has helped Boise… Continue reading →

Foreclosure rates in Boise and nationwide edged up a bit December, the first increase in the number of distressed homes hitting the market in nearly two years. But foreclosure numbers remain far lower than they were a year ago.  
Locally, 9 percent of homes sold in December were distressed, an increase from the 5 percent of foreclosure sales or short sales in July, said Marc Lebowitz, executive director of the Ada County Association of Realtors.  
Nationally, foreclosures increased 6 percent in December from the prior month to the highest number of filings in 17 months, housing data firm… Continue reading →

U. S. home values rose at a measured pace in November, a sign that demand remains weak as many buyers have been priced out of the market.  Prices increased 5.5 percent in November compared with 12 months earlier, real estate provider CoreLogic said Jan. 6.  CoreLogic said the national home price increased .1 percent from October to November.  Ada County saw a similar year-to-year November home price increase of 4 percent with a median sale price of $215,000, said Marc Lebowitz, executive director of the Ada County Association of Realtors.  
“These are numbers that are sustainable,”… Continue reading →

It was a tale of two halves in 2013.  During the first half, unusually low supplies of homes and low rates spurred bidding wars, pushing prices up sharply.
During the second half, the frenzy cooled amid a sudden spike in interest rates.  While more markets are now reporting increases in inventory, the number of homes for sale remains quite low.

Those low inventories will support rising prices.  Below-average levels of household formation must ultimately pick up, boosting construction.  Mortgage rates, while higher, are still historically low. 
Credit standards will stop getting tighter, and might… Continue reading →

79 Single level units closed
$276,508 Average Asking Price
$278,378 Average Sold Price
$131.80 Average Price Per Square Foot
$132.64 Average Sold Price Per Square Foot
2,029 SF Average Square Foot

16 Single level with Upstairs Bonus Room units closed
$354,709 Average Asking Price
$354,228 Average Sold Price
$127.14 Average Price Per Square Foot
$127.23 Average Sold Price Per Square Foot
2,726 SF Average Square Foot

53 Two Story level units closed
$277,729 Average Asking Price
$278,690 Average Sold Price
$112.85 Average Price Per Square Foot
$112.99 Average Sold Price Per Square Foot
2,492 SF Average Square Foot

19 Single level units closed
$151,253 Average Asking Price
$151,284 Average Sold Price
$91.09 Average Price Per Square Foot
$91.10 Average Sold Price Per Square Foot
1,650 SF Average Square Foot

4 Single level with Upstairs Bonus Room units closed
$223,777 Average Asking Price
$224,527 Average Sold Price
$92.50 Average Price Per Square Foot
$92.82 Average Sold Price Per Square Foot
2,420 SF Average Square Foot

25 Two Story level units closed
$193,312 Average Asking Price
$193,442 Average Sold Price
$77.63 Average Price Per Square Foot
$77.70 Average Sold Price Per Square Foot
2,527 SF Average Square Foot

The number of U.S. homes entering the path to foreclosure or winding up repossessed by lenders has fallen to levels not see in more than six years.  Lenders initiated foreclosure action against 52,826 U.S. homes in November, down 10 percent from October and a drop of 32 percent from November last year.  The last time the tally of monthly foreclosure starts was lower was in December 2005.  The number of homes completing the foreclosure process also declined to 30,461 homes last month.  That’s down 19 percent from October and down 48 percent from November… Continue reading →

http://www.bvep.org/images/content/docs/Idaho_at_a_glance_2011_-_Dept_of_Labor.Commerce.pdf (Boise Valley Economic Partnership)

National Rankings:
Boise is #3 “Best U.S. City to Raise a Family” (MomItForward.com, May 2013)
#3 Metro Leading the Housing Recovery (Forbes, February 2013)
#1 Best City for Men (Men’s Health Magazine, December 2012)
#4 Best Downtown in America (Livability.com, October 2012)
#3 Best River Town in America (Outside Magazine, September 2012)
#2 Best Place to Raise a Family (Forbes, April 2012)
Boise is #8 in “Best Places to Live in the US” (Wall Street Journal’s Market Watch, Aug. 2011)
Boise is among the 25 “Best Places for Business and Careers” … Continue reading →