Last week's economic news includes several reports about housing markets.The S&P Case-Shiller 10 and 20 city housing market indices, the FHFA House Price Index, New Home Sales and Pending Home sales reports suggest that the national housing market continues to grow, but at lower rates.
Idaho is Hot! According to The Homebuyers Institute, current reports by both Veros and Zillow indicate a rise in demand for Idaho properties statewide.
According to the Boise Area Realtors Market Report, there has been a slight increase in home inventory, and a slight decline in new construction home sales, which brought some stability to the marketplace over the past few months.
Median sales price for a typical house in Idaho as of April 30, 2019 is $265,400 up a staggering 16.9%t from last year. Zillow predicts prices will rise another 9.7% through the end of 2019.
According to HUD In the calendar year 2018, FHA’s overall share of the mortgage market was about 17%. 2018 ended with just under 20% market share for FHA loans
Today’s rate. Current rates in Idaho are 4.01% for a 30-year fixed, 3.497% for a 15-year fixed, and 3.819% for a 5/1 adjustable-rate mortgage (ARM).
Freddie Mac predicts that total home sales will slowly regain momentum, eventually increasing to 6.09 million in 2019 and to 6.14 million in 2020.
The Fannie Mae economic and strategic research group Group’s housing and mortgage finance forecast calls for total home sales in 2019 to be essentially flat from 2018
The HPI national Forecast suggests the median sale home price will rise 2.7% in real, or inflation-adjusted, between September 2018 and September 2019. CoreLogic
However, Veros Real Estate Solutions, tells us that despite low national projections, Idaho will lead in real estate appreciation in 2019. In the most recent release of the US Housing Outlook Report Versos names the top 10 housing markets projected to appreciate by a staggering 6.5 to10.2%. Idaho boasts as home to 2 of those cities.
According to Eric Fox VP of statistical and economic modeling at Veros, 2 of Idaho’s MSAs are projected leaders with an expected appreciation from 8.7 to 10.2% thru September 2019.
The four markets in which real estate values are projected to show an average depreciation in the next year are Farmington, New Mexico (-2.6%), Central Illinois (-1.2%), Grand Forks North Dakota (-0.8%), Cumberland Maryland (-0.5%)
The two markets in Idaho with real estate values projected to exceed 6% appreciation are Boise at 8.7%, and Idaho Falls leading the Nation with 10.2%