Thursday, November 27, 2014

Boise home prices return to 2008 levels

Boise home prices return to 2008 levels

Median housing prices nationwide – and in Boise – are at the highest rate since 2008, according to statistics released by RealtyTrac, a leading housing data source.
Ada County’s average home price for 2014 is $209,900, a 6 percent increase over last year, according to the Ada County Association of Realtors.

RealtyTrac pegs the national median sales price for October at $183,000, up 16 percent from a year ago to the highest level since September 2008.

“I think around 200,000, 205,000, 210,000 is the right place for us to be right now,” said Marc Lebowitz, executive director of the Ada County Association of Realtors.
Ada County bottomed out at $146,000 in 2011.

Combining Ada and Canyon Counties, RealtyTrac placed Treasure Valley among 21 cities deemed to have “lost steam” with home price appreciation from October 2013 to October 2014. Home appreciation in Boise-Nampa stumbled from 23 to 0 percent in the last year, the lowest among all the “losing steam” cities that include nine California metros and Phoenix.

Lebowitz, however, sees a half-full glass with home price appreciation.

“We are ahead of the timeline,” he said. “Our prices increased ahead of theirs, ours fell sooner than theirs and our recovery is starting sooner than theirs.”

Lebowitz believes home appreciation in Boise is starting an upward trajectory while other “losing steam cities may still see drops in home appreciation rates.”

Boise, however, is ahead of the nation on foreclosures. It is seeing half the foreclosure rates of the country as a whole. Foreclosures among outstanding Boise mortgages in September were at .8 percent, down from 1.47 percent in September 2013, according to real estate data provider CoreLogic.

The national foreclosure rate was 1.6 percent, CoreLogic reported.

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