The local housing market here in the Boise, Idaho area and the Treasure Valley has certainly been a hot topic in the news lately. Depending on which media outlet you watch, it can start to be a bit confusing to understand what’s really going on with interest rates and home prices here in the Valley.
The best way to show what’s really going on in today’s real estate market is to go straight to the data and it's what we love to do here at West Real Estate Group. We strive to keep our clients in the loop so they can make the most informed decisions. To help better understand the market, we put together the following three graphs along with a quote from Chief Economists that have their finger on the pulse of what each graph illustrates.
“The real estate market is thawing in response to the sustained decline in mortgage rates and rebound in consumer confidence – two of the most important drivers of home sales. Rising sales demand coupled with more inventory than previous spring seasons suggests that the housing market is in the early stages of regaining momentum.” - Sam Khater, Chief Economist at Freddie Mac
"A powerful combination of lower mortgage rates, more inventory, rising income and higher consumer confidence is driving the sales rebound." - Lawrence Yun, Chief Economist at NAR
“Price growth has been too strong for several years, fueled in part by abnormally low interest rates. A mild deceleration in home sales and Home Price Index growth is actually healthy, because it will calm excessive price growth — which has pushed many markets, particularly in the West, into overvalued territory.” – Ralph DeFranco, Global Chief Economist at Arch Capital Services Inc.
These three graphs indicate good news for the spring housing market! Interest rates are low, income is rising, and home prices have experienced mild deceleration over the last 9 months. If you are considering buying a home or selling your house, let’s get together to chat about our market!
You can call us today at 208-501-8200 or click here to start your new home search.
If you are curious about what your home is worth in today's market you can click here.
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