Home Prices

Another week in Idaho politics and news means there's plenty to cover on the Idaho Matters Reporter Roundtable. From legislative fights to explosive growth, housing and development in the Treasure Valley, plus education and COVID-19, there's plenty to cover. 

We know housing prices have gone up rapidly in Ada County in recent years. In Canyon County, folks are also feeling the squeeze. So what does that mean for people looking to purchase their first home in the Treasure Valley? Especially for Millennials — who have gone through two historic recessions in young adulthood — buying a home can be out of reach in this very popular market.

The housing market in southern Idaho has been on a tear, with low interest rates, high demand and fewer and fewer homes for sale pushing prices to record highs in August.

With the values of houses – and property taxes – in cities across Idaho skyrocketing, state lawmakers say they want to look at options to bring some relief to homeowners.

Rising home prices have been a hot topic recently, especially in Boise. Property tax notices recently came out and some homeowners are finding themselves priced out of their houses. The Idaho Statesman featured one woman who is selling her house because her taxes are too high. Idaho Matters takes a closer look at the effect of higher taxes on home ownership.

Eric Oliver is looking to buy his first home with his partner and their cat Cecil. But he says looking through online listings in Boise is like torture.

According to a report from Boise Regional Realtors, the median sales price in Ada County was $314,000. That’s 18 percent higher than prices in 2017. New home sales were up by more than 22 percent year-over-year. But when it comes to pre-existing home sales, the numbers were down by 4.1 percent.

As 2018 winds down, real estate prices continue to tick up. Real estate trade group Boise Regional Realtors is out with its latest report on the Treasure Valley housing market in November.

New numbers from Boise Regional Realtors are out detailing the Treasure Valley’s housing market for last month. The rising cost of a house is proving a consistent trend.

The Trump Administration recently announced a 20 percent tariff on Canadian softwood lumber exports.

The trade dispute over softwood lumber is nothing new. Softwood lumber is what home builders use, and the Canadian market is a big one in the United States. According to University of Idaho forest economics professor Greg Latta, American companies have long felt that Canadians have an advantage because Canadians log on nationally-owned forests – amounting to a government subsidy.

The U.S. Department of Housing and Urban Development (HUD) has increased the price of mortgages they will insure in 2017.

This is the first time since 2009 that HUD has increased the amount for federally backed mortgages. Growing demand for housing in Idaho is a factor.

A couple of weeks ago, we reported on the increase in median home values across Ada County. The county assessor says the pace of growth is sustainable at a little more than 5.6 percent. After the housing market rebounded after the Great Recession, buying a home has become more competitive.

One of the places that's seen a boost in popularity for home buyers — and increased home values because of the competition — is the Boise Bench.

Real estate data company RealtyTrac says Boise is in better shape than most of the country when it comes to the difference between wages and home prices.

RealtyTrac looked at wage growth and home price growth from 2012 to 2014 in the nation’s 184-largest metro areas. Nationally, price growth outpaced wage growth 13-to-one. RealtyTrac vice president Daren Blomquist says in Boise, it was closer to four-to-one.