Builders – big and small – cannot put up houses fast enough to meet the demand in Idaho. Enter: large national homebuilders, traded on Wall Street.
EAGLE, Idaho — Not a day goes by we do not hear about how fast Idaho is growing, or how hot and expensive our housing market is.
Although sales slowed recently, home prices in all pockets of the Treasure Valley keep climbing.
In Canyon County, November’s average median home price for new and existing single family homes was $409,900, down from October’s median price but up 26% from November 2020.
Ada County’s median price jumped 25% over last year, reaching $537,900 in November, and pricing many out of the market. That includes the Himes family, who currently lives in Boise.
“We always wanted to buy a house here but the thought was, ‘oh, let’s just get to a slightly better financial situation.’ And it’s, like, every year,’but OK, well, alright, we’re catching up. Alright, we’re catching – no, it’s getting away.’ And then it just really got away,” Brian Himes said.
With two solid salaries and two young kids, Brian and his wife Nissi feel they cannot compete anywhere in Boise’s competitive housing market right now.
They also cannot afford to stay where they are. Their rent in the Northend is increasing about 40% beginning in April.
Intermountain Multiple Listing Service (MLS) data and Boise Regional REALTORS reports show part of the reason is low inventory.
Although more existing homes were for sale this fall and winter, Boise Regional REALTORS’ market report shows if no more homes are listed the supply of homes for sale would run out in less than two months. A healthy market should have at least four months supply, according to realtors.
Homebuilders – big and small – cannot put up houses fast enough to meet the demand.
“This is way beyond anything we’ve ever seen,” Building Contractors Association of Southwestern Idaho Bill Rauer said.
“Idaho has been discovered,” Eagle Mayor Jason Pierce said.
Enter: large national homebuilders that are traded on Wall Street.
“They provide a lot of expertise and knowledge from previous developments and locations that they’ve built in,” Alturas Homes owner Rod Givens said.
Rauer said national homebuilders have been eyeing our market for decades and came from out of state into Idaho to try to meet demand and cash in on the boom.
D.R. Horton came into the market several years ago but left. Pennsylvania-based luxury home builder Toll Brothers bought local builder Coleman Homes to enter the market in 2016.
Three other large national builders expanded into the Treasure Valley in 2021: …….