Treasure Valley Home prices spike as realtors try to help first time home buyers compete
Home prices reach record highs in Treasure Valley
10:20 PM, Mar 15, 2018
8:46 AM, Mar 16, 2018
That's how realtors are describing the housing market in the Treasure Valley.
Housing prices are at record highs.
And realtors are proposing new legislation to help ease the crunch.
It seems everyone wants to come to the Treasure Valley. But the cost is through the roof. A median priced home in Ada County is a record 300 thousand dollars.
"That's a seventeen percent increase from a year ago, that's huge," says Isaac Chavez, CEO of Idaho REALTORS, "If no new houses were being built starting today, we'd run out of homes to sell in 1.6 months, that's ridiculously low."
It's a bit cheaper in Canyon County where the median home price is about 200-thousand dollars. But supply is just as tight. New construction is on the rise, but realtors want to help more people afford it.
"We're pushing a bill next year in the legislature to crate first time homebuyer down payment saving's plan," says Chavez.
It would allow first time homebuyers to set aside money, tax free for a future down payment. But for the time being, many people are just priced out of the market