Utah Beats Idaho as Hottest Market for Residential Construction
For what seems like years now we have been talking about how Idaho is leading the country in new home construction and home sales with so many people moving into the state. The Treasure Valley is continuing to see people move in from all over. In a new study Utah is taking the rains and Idaho is not upset about it at all.
According to Boutique Home Plans, "A new study shows Idaho is the No. 2 hottest market for new residential construction, with 11.82 new residential building permits per 1,000 residents, despite home affordability in the U.S. falling to the lowest levels ever recorded after plummeting by 29% over the last year. Last year, the national rate was 5.2 permits per 1,000 residents, inching up towards the 5.6 average from 1986 to 2007, before it plummeted to 1.90 in 2009 during the Great Recession. The five hottest housing markets are Utah, Idaho, Florida, South Carolina, and Colorado."
The housing market in Idaho and even the Treasure Valley are starting to fall a bit and slowly but surly heading back to some normalcy. - We are not there yet and who knows if we will ever bet back to pre-pandemic prices but we are definitely trending downward. Will we see a major home recession like we did in 2007. Some experts say definitely while others say not likely, so unfortunately at this point we have to wait and see how things unfold.