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September
13

September 13th, 2023 by


From Our Friends At Boise Regional REALTORS®

The median sales price in Ada County depressurized by $20,000 to $520,000 in August 2023, bumping us down to the lowest median sales price we've seen since April for single family homes. Resale saw the biggest price adjustment — a slant of $29,999 compared to last month — while new construction saw a $7,445 month-over-month hike to $552,445.

Even with the helping hand of lower housing costs, mortgage rates continue to pose as a formidable foe for both buyers and sellers. Mortgage rates for a 30-year, fixed-rate loan sit at 7.12%, according to Freddie Mac, for the week ending September 7th.

Supplements to inventory are likely a contributing factor to the slight easing on affordability. August marked the 6th month of positive comebacks for single family inventory. New construction showed the strongest recovery at 4.2% while resale improved by 4.0%.

Market times for single family homes have remained relatively steady since May and were a direct mirror of last month at 34 days. Resale experienced an acceleration compared to 2022 from 28 days to 27 days in August 2023. New construction's pace was slightly less hurried at 51 days.

Pending contracts were consistent with last month's report where mortgage applications had decreased by 3.1% according to the Mortgage Bankers Association. The pause in activity reflected in a month-over-month hiccup in pending homes of 6.2% and a 23.6% hold compared to the year before.

On the opposite side of the same coin, sales boosted this month compared to last month for a total of 675 sales. Year-over-year comparisons remain in the deficit but resale's month-over-month comparison shows positive growth to 481 sales. New construction was the only sector to see a 1.5% slump in sales compared to July 2023.

Working with a REALTOR® in a changing market allows you a unique transaction experience you may not receive with an unaffiliated sales agent. Extensive toolkits through designations and certificates, stronger professional relationships with other agents through networking, and specialized market knowledge allow our members to navigate transactions with increased efficiency and professionalism.

To view the Treasure Valley homes currently for sale, CLICK HERE

Categories: News
August
15

August 15th, 2023 by


From Our Friends At Boise Regional REALTORS®

The median sales price in Ada County got a slight reprieve in July 2023 at $540,000 — which eased by $5,000 compared to the previous month. This marks the first slide in MSP since March 2023. New construction cooled by approximately $12,000 in July where existing/resale eased by $1.

The glacial effects on new construction's median sales price were likely affected by the sector's increase in inventory. New builds saw a month-over-month boost of 8.9% — reaching a total of 601 homes for July 2023 — taking the lead over existing home inventory accumulation which landed at 7.0% more than the previous month. A 2.5% month-over-month increase in mortgage rates may have also contributed to ebbed pricing.

With recent dips in pricing, affordability remains out of reach for many. Programs by the Idaho Housing and Finance Association, LEAP Housing, and other affordability programs have become instrumental for many low-income and first time homebuyers. Education programs like IHFA's "Finally Home!" and NAR's "Real [Estate] Talk" can prepare buyers for the market. Some homeowners who are looking to relocate or add to their portfolio are able to navigate the choppy waters by using cash equity to buy down interest rates.

As consumers tread carefully, sales for single-family homes have slowed to 655 this month after three months of consecutive increases — split by 458 existing homes and 197 new construction sales. Newly built homes were the only sector to experience positive growth compared to the same month last year at 14.5%.

Market options continue to remain elusive where homes last an average of 23 days on market and the months' supply of inventory is currently 2.3. This could look up in future months as pending sales have slipped in July by 5.7% compared to June 2023. Resale saw the slimmest shift, down 0.4% month-over-month and 6.3% year-over-year. New construction experienced a more significant dip at 10.7% when comparing consecutive months and 33.7% compared to the previous year.

Mortgage applications have also decreased this month by 3.1%, nationally, according to the Mortgage Bankers Association (MBA) which may result in further shifts next month.

Mortgage rate hikes aim to tame inflation but have simultaneously pinched housing affordability, making sellers hesitant to uproot for higher rates. A hunger for lower prices to counteract the current mortgage payment strain is a large factor in why we're seeing some homes come down in cost. We hope to see this continue to invite more first-time buyers into the market.

To view the Treasure Valley homes currently for sale, CLICK HERE

Categories: News
July
12

July 12th, 2023 by


From Our Friends At Boise Regional REALTORS®

The median sales price in Ada County for June 2023 was $545,000, an 8.0% cut from the same month a year ago but the third consecutive bump up compared to the month preceding. The existing/resale sector remains cooler at $540,000, but still an uptick of $30,000 from May 2023. New construction saw the only month-over-month decrease of approximately $49,000 for a total median sales price of $557,500.

Affordability continues to be shadowed by supply versus demand. However, with pressures from increasing rent prices for two-bedroom homes (according to Rent.com), consumers are looking for workarounds to get into homeownership. Tools such as NAR & Apartment Therapy's "Real [Estate] Talk" interactive hub and IHFA's rental assistance programs are helping renters explore their options toward ownership.

Owning a home goes beyond protecting yourself from the mercy of a landlord. Homeownership is a long-term investment that can help you build your overall wealth portfolio. According to recent data released by NAR, middle-income homeowners compounded their wealth by upwards of $120,000 over ten years.

Mortgage applications have been up for three consecutive weeks, showing forward motion for the market. Shrinking inventory may drive prices higher while mortgage rates (currently at 6.81%) urge reprieve from the three-month climb.

There are currently 1,363 homes available in Ada County — 811 existing/resale homes and 552 new builds. This is the fourth month of positive month-over-month trends for single family homes but comes up 36.2% short compared to June 2022.

Single family homes in Ada County are currently going under contract in an average of 33 days, a stark difference from the 10 days we saw last year but more on-par with days on market from before COVID.

Sales were up for all three sectors for a total of 773 sales for the month — broken down to 553 resale homes and 220 new construction homes. June 2023 showed a 5.5% deficit in sales compared to June 2022. Historically, June typically experiences around double the sales that this year has shown.

In addition to pinched affordability, the "Great Relocation" may be a contributing factor for the sluggish season. In the fourth quarter of 2020, owner-occupied households increased by an estimated 2.1 million in a year. Typically, owners spend approximately 13.2 years in their homes, meaning the uptick in purchases may result in a lag for future purchases moving forward.

Buyers are patiently waiting for more options to become available while sellers are hesitant to abandon their attractive interest rates from purchases during the pandemic. It's important to remember, however, that interest rates can be bought down with the cash equity from your current home if moving is in the cards for you. A REALTOR® can help you find the best solution for your needs.

To view the Treasure Valley homes currently for sale, CLICK HERE

Categories: News
June
9

June 9th, 2023 by


From Our Friends At Boise Regional REALTORS®

The median sales price in May 2023 ebbed 10.9% compared to May 2022, landing at $534,900 — a $17,400 boost from last month. A breakdown of homes sold in various price ranges highlighted an increased interest in homes between $250,000 and $500,000, leading to a lower median sales price for the month. Mortgage rate hikes over the past year also may have contributed to lower sales prices.

Existing homes faced the largest adjustment in median sales prices this month, bogging by $75,000. The 12.8% fade to the resale sector is slightly steeper than we've seen in past months, historically dipping from 2-14% year-over-year since September 2022. New construction welcomed a smaller reduction at 5.1% compared to the 10-20% we had seen year-over-year since January 2023.

There were 1,259 single-family homes available in Ada County in May, a reduction of 17.2% compared to the same month last year. This is the first year-over-year decrease in inventory we've seen since June 2021. Resale home options decreased by 22.2% while new construction choices slid by 9.9% compared to May 2022.

According to market highlights released by NAR on June 8th, the US housing market remains shy of 300,000 affordable homes for middle-income families. Boise was listed as one of the metro areas with the fewest affordable homes available for middle-income buyers. Five years ago, the income group was able to afford half of all available homes but that number has shrunk to 23%.

This month's accelerated market speeds threaten to lower inventory moving into summer months. Comparisons for all sectors remain extended year-over-year, but single-family homes went under contract 19 days faster than the month before for a total of 36 days on market. New construction experienced the greatest shift month-over-month, shortening from 93 days in April 2023 to 66 days this month, while existing homes' days on market depleted by 7 days. These hastened speeds have brought us back to pre-COVID market times, as shown in the chart below:

While shrinking inventory continues to pose supply issues with the increased market speeds, sales have trickled to 699 closings for the month. This is the fewest number of sales we've seen for the month of May since 2012.

The low quantity may largely be due to this month's starting point. Since 2020, we've seen April to May month-over-month shifts of approximately 9-10%. This month, inventory still swelled by 8.3% compared to last month, meaning our market trajectory remains similar to past years. With fewer available homes, the bog in sales should help keep supply versus demand from tipping further for upcoming months.

Tackling supply issues will be a large factor in easing affordability concerns in our area. Builders will carry the torch for ensuring we can provide more options for middle-income families. This is echoed by National Association of Home Builders Chief Economist, Robert Dietz, who stated that the best long-term combatant to affordability concerns is to increase inventory, particularly with new construction.

With that said, there are many options out there for assisting those who are looking to buy now — a REALTOR® can help you find the program that best fits your situation.

To view the Treasure Valley homes currently for sale, CLICK HERE

Categories: News
May
22

May 22nd, 2023 by

Bob Tomlinson, who recently turned 76, winters six months a year in Arizona and no longer is actively involved in managing the Tomlinson Family of Companies real estate brokerage he helped develop into a major enterprise here over five decades.

It would be wrong to assume, though, that he now is content to bask in the Southwest warmth and leave all his former business ventures and holdings in the hands of others. Tomlinson retains some commercial building ownership interests here, including with former business partner NAI Black CEO Dave Black. He also is continuing to pursue land-acquisition opportunities aimed at creating more lots for new homes throughout the Inland Northwest.

He remains chairman of the Tomlinson Family of Companies board, and thus stays in regular contact with his daughter, Shelley Johnson, who...

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Categories: News
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