Market Report For February 2022:
The Treasure Valley housing market experienced some interesting highs and lows in the first few weeks of 2022. Homes in Ada County sold for a median sales price of $540,000 and homes in Canyon County sold for a median price of $424,900. Most houses on the market are bought up quickly, although they are not selling as fast as in 2021.
Inventory is currently lower than expected, as interest rates have raised. Buying a home is less affordable for most Americans at this time, but with the approach of Spring, more people may be able to put their house on the market, increasing the inventory and bringing down the inflated real estate prices.
Mortgage applications increased in the past few weeks, rising 2.3% in the middle of January and 12% during the last week of January. The number of refinance applications grew 18% at the end of the month, but the percentage is lower than in January of 2021. The Treasure Valley housing market is still calming down from the quick pace it saw in 2021.
Construction spending also grew in the Treasure Valley, up 9% since December 2020. Lumber prices are dropping back to more normal rates, and builders are in high demand due to the continued lack of inventory on the market. Building permits increased and many new homes started last month. New homes were over one-third of the housing inventory at the end of December.
Jobs openings across the country multiplied at the end of December 2021, with 10.9 million jobs available and jobless claims dropping to 1.63 million at the end of January 2022. Average hourly earnings grew 0.7% in the past month.
With Spring on the approach, we at TVPM are busy helping people ready their houses for the market. We do our utmost best to help our clients sell and buy homes for the best possible prices, and we can help you find the perfect house for your needs.