Posted by: Bill Cady | June 3, 2010

Idaho Real Estate Takes an UPturn!

June is off to a flying start and there’s never been a better time to be in real estate in Eagle Idaho than right now! This real estate blog is part of my Eagle and Meridian Idaho Realtor services to help you stay informed on real estate market trends, local Idaho real estate news, and more! Working with a qualified, experienced Idaho Realtor can make all the difference in your next home purchase or sale. Let’s go ahead and get right to the real estate latest news you need to know:

Looking at the latest housing numbers released last week by the Commerce Department and the National Association of Realtors, one has to say that we definitely are seeing some improvement and are on track for an amazing year in real estate sales.

Single family median home prices are up by 4.5 percent for the year. Even in the Midwestern states, where the recession has been an anchor on real estate longer than other regions , prices have jumped by 6 percent.Resales of houses and condos in April were up by almost 8 percent – and now are 23 percent higher than they were the year before.Sales of newly-constructed homes also soared in April, up 15 percent. They’re 48 percent higher than April 2009.

So is there no need for concern? Isn’t all this great, super news for Realtors, home buyers, and real estate developers alike? That there will be no feared “double-dip”, or a fragile bottom waiting to drop out from under the market and send it into the economic sub-basement?

That’s right! These newest figures ARE great news, verging even on the extraordinary….but.

There is a little perspective we need to gain on the situation, the new numbers are great for a reason.

Most economists agree that April sales totals, maybe even March, are distorted upwards because of the expiring federal tax credits, padding the results with a little good old fashioned blue light special frenzy! Thousands of home buyers rushed to complete their contracts in the past two months to get the federal credit before it disappeared.

No one is debating that some real estate purchases were accelerated. “The upswing in April sales was expected because of the tax credit inducement, and no doubt there will be some temporary fallback ahead.” said Lawrence Yun, chief economist for the National Association of Realtors.

Many economists and market experts warn that we may see sales fall to another low for a month or two, even during the regularly very active summer months as a natural feedback reaction to the tax credit rush. Regardless of which most agree that in the longer term, if the overal economy can continue to rise even slightly we should see an excellent return to upward moving statistics. Not only do consumers have growing confidence in the economy and their own incomes, but as Yun points out: home buyers no longer fear further price declines — and that’s a crucial turning point in the cycle.

I can help you find the best homes in Meridian Idaho, Eagle Idaho and anywhere in the great gem state! My Idaho Realtor website has the fast home searches, and local area info you need to move or relocate! Call Bill Cady today, or visit my site to start finding the dream home of tomorrow, today!

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