Idaho Falls Real Estate Blog

Home sales are projected to slightly fluctuate in the near future  before gradually increasing by the end of the year, according to the latest forecast by the National Association of Realtors.  This will be driven by an expectation of higher sales and stronger prices in many markets.

Recently there has been a shift from high-cost areas to markets that are still moderately priced.  This should cause the national median existing-home price to fall approximately 1.3 percent to $219,100 in 2007, and the median new-home price to fall approximately 2.3 percent to $240,800 in 2007.

Nation wide existing-home sales are projected to total 6.18 million in 2007, which is down from 6.48 million in 2006.  New home sales are forecast at 860,000 this year, down from 1.05 million last year.

So, what does this mean for southeast Idaho?  When analyzing the overall national real estate market, its important to keep in mind that home sales are local.  As of June 1, Idaho Falls and its surrounding communities are experiencing close to a 14 percent increase in total sales when compared to 2006.  This should only improve when the national market begins to trend upward.  

Our area is one of those moderately priced communities that is still experiencing high growth.  Look for a strong finish in 2007.