Gradual Recovery Through Spring

Boise, ID: Home sales statistics for February show that 360 Single Family Homes sold in Ada County according to figures released by the Intermountain MLS and reported by the Ada County Association of REALTORS®.

According to the National Association of REALTORS® Lawrence Yun, NAR chief economist said many buyers have been waiting for higher mortgage loan limits. "The higher loan limits for both FHA and conventional loans will increase consumer choice and provide greater access to lower interest rate mortgages in high-cost regions," he said. "Therefore, a notable rise in home sales can be anticipated in the second half of the year."

"Buyer activity is continuing to grow," said ACAR President Dan Hernandez. "February sales are up 16% compared to last month. Sellers are coming back gauging the temperature of the market and getting ready for the spring."

Median home prices for existing homes slipped 5.54% as sellers continued to adjust expectations downward due to sluggish sales. "A median price of $196,000 means that more Treasure Valley families will be able to achieve the dream of homeownership," said Hernandez.

The number of days that it took to sell a home dropped from 74 last month to 66 in February.

"Our Ada County market is still fundamentally strong," said Hernandez. "The national attention to short sales and foreclosures suggests that a significant number, if not the majority of homes for sale are in foreclosures. Nothing could be farther from the truth."

The Ada County Association of REALTORS ® (ACAR) is the business advocate for real estate professionals in Ada County. ACAR represents more than 4,000 REALTORS® active in all phases of real estate brokerage, management, development and appraisal.