Report Shows Missoula Housing Market Is Expanding - ABC FOX MONTANA NEWS, WEATHER, SPORTS - KTMF/KWYB

Report Shows Missoula Housing Market Is Expanding

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MISSOULA -

A new report shows the Missoula housing market is expanding. Last year home sales were the highest they've been since 2007.

The report shows while Missoula's housing market is expanding, some challenges need to be overcome.

The Missoula housing market is making a comeback, with more homes sold last year than in the last seven years.

"We're seeing an increase in sales volume, there's good activity across the board. Median sales prices are up just a little bit, so that's good for home ownership and wealth gain," said Brint Wahlberg with the Missoula Organization of Realtors.

A coordinating committee made up of people from different community groups, released the findings from the Ninth Annual Missoula Housing Report on Thursday.

"We've got a lot of good, and some continued challenges," Wahlberg said.

He said with the economic boosts, homes are being sold, and prices are taking a jump.

"The challenges we're seeing is the raise in interest rates, and a raise in median sales prices really make a big affect, a big drop in our affordability," Wahlberg said.

Wahlberg said this is making it difficult for people with an average income looking to buy a home right now.

"The median rents are in upper seven hundreds for even a one bedroom apartment," Wahlberg said.

Michael Moore with United Way said he's probably one of the only people on the Coordinating Committee who likes to hear there are vacant homes.

"It makes it more possible to get more people off the street, out their cars, and out of neighbors basements," moore said.

The report shows another challenge Missoula sees is funding cuts prevent a growing number of people from seeking housing assistance. The homeless population is also on the rise.

"Homeless people are not people standing on the corner, schilling for a quarter. Homeless people are in schools with your kids, they might be your neighbor," Moore said.

Moore encourages renters to consider renting low-income families they represent.

"So many people here are close to being homeless, and they're maybe two paychecks away from not being able to buy their house," Moore said.

For a look at the complete report, visit the Missoula Organization of Realtors.

 

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