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Housing Market Shows Significant Signs of Recovery
Twin Falls, Idaho (KMVT-TV) The housing market is showing further signs of recovery.
U.S. home prices jumped nearly 4% in the last year.
After six years, across the board, the housing market is showing signs of recovery.
"We're pleasantly surprised because we're seeing a substantial increase in not only our residential development, but our commercial development here in Twin Falls,” said Joshua Palmer, City of Twin Falls spokesman.
With some of the biggest increases happening just this year.
"We're seeing on the residential side of things that from the month of January 1st through August 31st we saw a fifty percent increase over the prior year. Also, in value we're seeing a twenty–eight percent increase," said Palmer.
This four bedroom, two and a half bath house would have been valued at $215,000 a year ago. Just one year later it's valued at $225,000.
"In our area locally we're probably up about 1.5% for prices. Things are definitely moving a lot quicker. It's just a great time to buy right now. You can't even rent as low as you can purchase for your payments," said Mandi Riddle, Prudential Real Estate.
The success in the housing market comes on the heels of substantial commercial development, which increased 100% over last year.
"Much of it is due to Glanbia, Chobani, which are coming in and building multi–million dollar facilities and bringing no only new jobs to the area, but expanding the facilities to add more jobs," said Palmer.
The Urban Renewal Agency and Twin Falls City Council will continue to add new infrastructure to allow for big companies like Chobani, as well as new home construction.
"It's quickly become one of our top priorities and that's installing things such as waste water and water facilities," said Palmer.
The recovery has been slow, but the increases are a sure sign things are looking up.
However, prices nationwide are still twenty–seven percent below their peak in April 2006.