Local housing market makes a comeback

After a rocky last couple of years, the housing market is starting to look up — including the Idaho Falls area. More and more people are looking to buy homes in eastern Idaho, specifically in Bonneville County.

“Across the board, sales have been better, more homes are being sold, more new homes are being built and it seems like there’s more buyers out there,” said Jacob Lundquist, president of the Greater Idaho Falls Association of Realtors.

Realtors like Lundquist said it’s spring buying season for the housing market and sales have increased dramatically in the past year. With interest rates being at a historic low at the moment, buyers are motivated to house hunt.

“There are still a lot of foreclosures and distressed homes out there and those are selling very well also,” said Lundquist. “But there is a low number of those coming into the market, which is very positive.”

In Idaho Falls, realtors said house sales for the month of May were the highest they’ve been since August of 2010. Last month, around 140 homes were sold in Idaho Falls and were on the market for around 152 days with an average price tag of $143,000.

“I feel like we’ve been to the bottom. The prices have gotten as low as they’re going to go and now we’re actually seeing a steady and slow increase, which is great news,” said Lundquist.

Idaho Falls isn’t the only city home to a housing market making a comeback. Home prices rose in nearly all major U.S. Cities from March to April of this year.

Statistics show the national home price index rose 1.3 percent, the first increase in 7 months.