Tuesday, May 29, 2012

Boise Housing Inventory Hits 10-Year Low

Posted By on Tue, May 29, 2012 at 1:01 PM

The Treasure Valley is bucking the national trend of declining home prices.

The closely watched Standard & Poor's/Case Shiller composite home price index revealed that prices in the first quarter of 2012 fell 1.9 percent, but home prices showed a 5.1 percent increase compared to the same period in 2011.

"The Boise housing market is bouncing back faster than I expected," said Mike Turner of Front Street Brokers. "The inventory of homes for sale in Boise is at a 10-year low, and demand for housing is up 26 percent since bottoming out in 2008."

Meanwhile, consumer confidence cooled in May to its lowest level in four months; the third month of declines. The monthly Conference Board report indicated that consumers' view of the labor market soured with 41 percent saying jobs were hard to get—up from 38 percent the month before—while only 8 percent said jobs were plentiful.


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