Alarming Report: Boise Leads Nation in Home Price Reductions

The Boise Housing market is again a cause of concern, according to a new national report. Idaho is one of if not the fastest growing state in the union. The Boise market was at one time the most overvalued housing market in the country. However, rising interest rates and a return to work from remote workers have caused the market to slow.

Unlike other housing markets in America, the Boise market has not seen a bottoming out as other housing markets have experienced. The Treasure Valley market has seen homes selling, although not at the record rate of several years ago. Industry insiders say that real estate agents have left the profession due to the lack of inventory on the market.

Fortune Magazine reports that prices rebounded from last year's nearly thirteen percent prices in homes by almost two percent this year, and that recovery appears to be over. Home prices have always been a challenge for Idahoans who live in a state where the average wage does not correspond with the cost of a home.

Even before the pandemic, home prices in Idaho were not within the grasp of the average Idaho worker. The addition of remote workers with their out-of-state wages overly inflated the housing market in Idaho. 

Traditionally the real estate buying season is from spring to early fall. Additionally, inventory and price reductions could help those seeking a new home or selling it for top value. Unless you are an all-cash buyer, the challenge is that the interest rates now make money and the ability to build a home more expensive than two years ago.