Wednesday, August 23, 2017

Home prices up, sales times down, for first seven months of 2017

Source: Snake River MLS

Here’s a little snapshot of the real estate market for the first seven months of this year. The numbers show a little bit of a slowdown from last year in terms of homes sold and new listings. That said, homes are selling faster and for significantly more.

From the investment standpoint, real estate is looking really good — depending of course on when you got in. The Federal Housing Finance Agency’s HPI-Calculator shows that if you bought a $100,000 home in Idaho Falls in Q2 1987 — 30 years ago — that property would be worth $247,505 today. That’s a climb back from the dip it took in 2011, when it went down to $193,564 in the second quarter, from its previous high in Q2 2008 of $232,923. The good news is that you were never underwater, provided that you didn’t do anything silly.

If you bought a $100,000 home in Q2 2007, it would be worth $109,554 in Q2 2017, according to the calculator. If you bought it in Q2 2012, it would be worth $126,374.

Good news for everyone. Just remember, however, numbers are numbers, and real worth depends completely on the money someone is willing to hand you.

To look at the HPI-Calculator, here's the link: https://www.fhfa.gov/DataTools/Tools/Pages/HPI-Calculator.aspx