You see the stats all over the internet and (shudder) the papers about how much home values are down in the Boise area and the U.S.  Make no mistake about it, values are down from 2007 BUT what is often overlooked is the separate markets that resale homes and new construction homes occupy.  Lets face it the rapid rise in home prices was led by land that was snapped up by developers at higher and higher levels because the demand for new homes was at a frantic pace. This literally doubled lot costs from summer 06 to summer 07, thus adding 40-50k in overall costs to average size lots in Meridian Idaho. Labor costs and material costs also added to the end price. So it only logical that new construction would see the same rapid decrease in values with the retreat of all three of these factors and that’s what this data demonstrates. New construction median home values are down 33% over the last two years and resale homes down 12% over the same period.

Resale Homes Median Price 2 yr Average - Ada County Idaho

New Construction Homes Median Price 2 yr Average - Ada County Idaho