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New Housing Boom

Posted at 10:21 PM, Jul 19, 2016
and last updated 2016-07-20 00:21:10-04
The housing market in the Treasure Valley is nearing record levels.
 
Record sales, record prices and there's no end in sight. 
 
Real estate specialist Mike Pennington says the market is red hot: "It's very good. This is the best market, even though '05 was the peak of the market."
 
But Pennington says 2005 was artificially enhanced because of an influx of speculators.
 
"We would actually have investors in city or charter buses coming around and buying homes 5-10 at a whack," says Pennington.
 
But he says this time, buyers are strictly looking for houses to live in.
 
That says a lot, when you consider pending sales in the valley are up 20% over the last year, the average sales price in Ada County is at a record $250,000 and nearly 7,600 homes will be sold this year -- another record.
 
Unfortunately, with inventory down to a two-month supply, building new homes is a slow-go because there are not enough skilled construction workers.
 
But low supply means higher prices, which is great news for homeowners, especially those who found themselves underwater on their properties.