Why the glut of homes

BOISE - More for sale signs are popping up across the Treasure Valley as the number of people trying to sell their homes hits a new record.

The number of homes for sale is at an all-time high, beating the old record set in September 2007.

The Ada County Association of Realtors claims home sales have increased every month since January.

Statistics from the Intermountain Multiple Listing Service show nearly 5,100 homes were for sale in June, with only 531 of those sold – or about 10 percent.

"Yes we do have more homes for sale now than ever before,” Marc Lebowitz with the Ada County Association of Realtors said. “It makes sense, we have a larger population that ever before.”

Lebowitz says most of the demand is currently in the first time home buyer range. He says sellers need to be aware of the current market.

"Understand that the expectation of a quick profit is no longer here," he said.

Susan Hansen just sold her home in July.

"We put it on the market on a Friday and by the next Friday we had it sold," she said.

Hansen says her and her husband weren't very nervous to put their home on the market.

"We didn't have that pressure of have to be out now but partly because we heard the market is picking up every month seems to be better,” she said. “Summer is usually a good time so we figured now is good as time as any.”

But Hansen says they did go into the sale with realistic goals.

"We didn't price it to make a huge killing or profit. Pretty much we wanted to break even maybe walk away with a little,” she said.

Now Hansen says they can take advantage of a good market for buyers.

"There is so much opportunity out there,” Hansen said. “We have opportunity to get into a nice house and have it be affordable when two years ago we wouldn't have been able to do it.”

Not every seller is as lucky as Hansen. Lebowitz says the average time a home in the area stays on the market is anywhere from 50 to 70 days.

Lebowitz said USA Today plans to feature Boise's housing market in the next couple of weeks.