After three consecutive cuts beginning in September, the Federal Reserve elected to leave interest rates the same in January. The lack of improvement with inflation appears to be the reason behind the decision not to continue to lower rates. The Federal Reserve Chair stated that the labor market has not been a significant source of inflation. He said they would need to see “real progress on inflation or some weakness in the labor market before making adjustments.” Currently mortgage rates are at 6.7% nationally and are not expected to decline soon.
In January, President Trump temporarily suspended 25% tariffs on Canada and Mexico. Since these tariffs may be possible in the future, it is important to consider the possible impacts these measures may have on the housing industry in the United States. Homebuilders have expressed fears that these tariffs could raise the cost of building homes, further exacerbating the housing affordability challenges that exist around the country including within Idaho. About 70% of the softwood lumber used in residential construction is imported from Canada, the same share of gypsum which is used in drywall comes from Mexico according to the National Association of Home Builders.
After the wildfires that impacted large areas of Los Angeles, home rebuilding has been a focus for some while finding a home in a less vulnerable location has been a focus for others. An Idaho Statesman article contained anecdotal evidence that some of these individuals that lost their homes may be looking to Idaho to rebuild. There doesn’t appear to be significant evidence that this migration is happening just yet. A REALTOR® in Boise stated that she has heard from clients who were already planning to move to the area that they want to escalate their timelines and come to Idaho sooner than originally planned. After the Camp Fire that occurred in Northern California in November 2018, it took between six and eight weeks for pending sales in the Boise area to spike. The increased levels of pending sales observed in January appear to be as a result of a seasonal trend, but we will continue to monitor these in the coming months to see if a non-seasonal spike is observed that may be attributed to migration as a result of these fires.
Connectivity will soon be enhanced in Emmett after a project currently taking place is completed. Idaho communities from Grangeville to Star will be positively impacted by this investment. Currently, crews are laying 198 miles of fiber optic cable that will allow broadband access to these rural areas. Work around Emmett is to be completed in January 2025 and the entire project will be completed by February 2026.
Bogus Basin was ranked as the best ski resort nationally by Newsweek magazine in January. This put Bogus Basin above resorts like Deer Valley in Park City, UT and Vail Ski Resort in Colorado.
Other Real Estate News
- Business Insider | Will Home Prices Drop? Expert Predictions for the 2025 Housing Market
- REALTOR.com | Weekly Housing Market Update: Seller Activity Rebounds, Giving Homebuyers More Options as Mortgage Rates Inch Down
- J.P. Morgan | The Outlook for the US Housing Market in 2025
- RISMedia | The Co-Buying Conundrum: Love Conquers All, but Put It in Writing
Please note: Some news outlets may protect their content with paid subscriptions. While we try to refrain from sharing articles that may not be accessible to everyone, we may share them if important to the industry.
Additional information about trends within the Boise Region, by existing and new construction, are now available here: Ada County, Elmore County, Gem County, Four Rivers Region (check back next month), and Condos, Townhouses, and Mobile/Manufactured Homes Market Reports. Each includes an explanation of the metrics and notes on data sources and methodology.
Ada County
Canyon County
Elmore County
Gem County
Condos…
Download the latest (print quality) market snapshot graphics for Ada County, Ada County Existing/Resale, Ada County New Construction, Boise County, Elmore County, Gem County, Malheur County, Payette County, and Washington County.
Since Canyon County is not part of BRR’s jurisdiction, we don’t publicly report on Canyon County market trends. Members can access Canyon County snapshots and reports in the Market Report email, or login to our Market Statistics page. Our Owyhee County snapshot can also be accessed on our Market Statistics page.
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The data reported is based primarily on the public statistics provided by the Intermountain MLS (IMLS), a subsidiary of Boise Regional REALTORS® (BRR). These statistics are based upon information secured by the agent from the owner or their representative. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. These statistics are not intended to represent the total number of properties sold in the counties or cities during the specified time period. The IMLS and BRR provide these statistics for purposes of general market analysis but make no representations as to past or future performance. If you have questions about this report, please contact BRR’s Director of Communications Taylor Gray at 208-947-7238. For notes on data sources, methodology, and explanation of metrics, visit boirealtors.com/notes-on-data-sources-and-methodology.
If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.
Boise Regional REALTORS® (BRR), a 501(c)(6) trade association, represents real estate professionals throughout the Boise region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS® Community Foundation.
“REALTOR®” is a federally registered collective membership mark which identifies a real estate professional who is member of the National Association of REALTORS® (NAR) and subscribes to its strict Code of Ethics.
