Boise's home prices saw an 11% jump in March alone, and it has a lot of people talking about why. One theory is that the price increase came due to an increase in demand for new homes, which is certainly a part of the equation, but not all of it.
First, there were fewer sales in the under $120,000 range, meaning purchasing activity of the lowest priced homes couldn't pull down the median home price the way they have been doing.
The next big change was in homes priced at $200-250,000 which raised from 20 to 47 sales for March (more than doubling in activity). Finally, there was another upturn in home buying activity in the $300-400,000 range, going from 14-25 sales.
Both an increased demand, and the price range of homes that demand was for, aided in the impressive double-digit raise we saw, which will certainly go a long way to continue to improve consumer confidence and help the Boise Real Estate Market on its way to recovery.
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