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Q3 2020 Idaho Land Report

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Key takeaways

  • U.S. home builders began construction on homes at a seasonally-adjusted annual rate of 1.496 million in July, up 22.6%from the previous month and 23.4%from a year ago. The pace of home building is now 7% down from the pre-coronavirus high. *According to the U.S. Census Bureau
  • The overall Ada County July 2020 median sales price rose to$290,000, which is an increase of 11.7% compared to July 2019. New homes made up 31.1% of all closed sales in July, with a median sales price of $425,000, up 9.1%from July 2019. The median sales price for the existing homes rose as well, reaching $380,000 in July, an increase of 15.2% year-over-year. * According to Boise Regional Realtors
  • Central Valley Plaza, located on the corner of Chinden and Highway 16 in Meridian, is a new mixed-use development that will feature a unique combination of office, medical, flex, retail and senior living. This 71 acre project is situated in the fastest growing area of Idaho.
  • Homebuyer demand remains robust, inventories are tight, and there is a need for new units to keep the pace of sales going. On another positive note, housing permits were running at an even faster pace in July, indicating that builders will continue to increase production in the months ahead. Housing is certainly one of the bright spots in the struggling economy. *According to Mortgage Bankers Association
     

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Q3 2020 Idaho Land Report

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