Idaho added 14,700 new jobs in 2017, representing a growth rate of 2.1%. Although this is still a reasonable figure—and well above the total U.S. rate— this rate continues a cooling off we’ve seen over the past few quarters, which is to be expected as the state has essentially reached full employment.
In December, the state unemployment rate was 2.9%. With the labor force continuing to expand, it is clear there are still jobs out there to be filled. I continue to anticipate that Idaho will outperform the U.S. in growth through 2018.
HOME SALES ACTIVITY
DAYS ON MARKET
The speedometer reflects the state of the region’s housing market using housing inventory, price gains, home sales, interest rates, and larger economic factors. Consumer confidence in the housing market seems to have returned, causing the markets in this report to perform well overall, and for home prices to continue trending upward. As mentioned in my last report, the market remains out of balance, with more buyers than sellers. Even with the modest increase in listings seen in the quarter, the market still heavily favors sellers. Unless we see a major increase in the number of homes for sale in early spring, the market will continue to see above-average home price growth.
Matthew Gardner is the Chief Economist for Windermere Real Estate, specializing in residential market analysis, commercial/industrial market analysis, financial analysis, and land use and regional economics. He is the former Principal of Gardner Economics, and has more than 30 years of professional experience both in the U.S. and U.K.