“Something Big Is Happening In The Boise Housing Market”

While it may not be the optimal time to buy a home in Boise and the surrounding communities, the Boise housing market has adjusted to several market corrections. Realtors with a lot or little experience took advantage of Boise being the most overvalued home market in America for the last two years.

One national financial publication says that value is changing in the opposite direction. Although some have said the Boise market is ready for a market crash, the market is moving from a seller's market to a buyer's market. More homes are on the market this summer than we've seen in the past two summers. However, rising interest rates have dampened buyers' enthusiasm to buy a home quickly.

Find out if Idaho is a top five state to live in here.  Story continues after short gallery.

Fortune reports that inventory specifies the spike in available home inventory in the Boise Market. Last month, housing inventory rose 141% above the previous year and 34% above 2019. Several contractors and local builders have told us they've seen a drop in new housing and building applications in various Treasure Valley cities.

The recent push by developers to construct homes at warp speeds could spell trouble for them with too much inventory on the market, which will increase supply.

Fortune relays the details of this scenario from a local Boise builder's perspective.

"We’re seeing [Boise] builders pull back across the board. Unlike 2008, many aren’t being caught as off guard this time. They have more cash. They’re making concessions and moving inventory," says Mac Wrigley, a senior operations manager at Boise-based Sekady Capital."

If interest rates continue to rise home sellers will have to provide incentives to lure back buyers who lack the 'affordable money' of the past few buying cycles.  If somehow interest rates are lowered, the Boise market could once again lead the nation in home values.