Housing Inventory JUMPS 151% in Boise, Idaho. HOME Prices Falling Fast.
Boise Idaho Real Estate December 2022 Update housing market update. (Boise Regional REALTORS®)
MBA (Mortgage Bankers Association) Home Application Drop 42%.
REDFIN-Pending home sales dropped to the lowest since 2015
The Idaho housing market is in BIG trouble as virtually every metric shows a slowdown in the Idaho real estate market. For example, the median sold price in the Boise Idaho area has now declined by 15% over the past 6 months alone. In addition, prices only decreased by -5.5% on a year-over-year basis in November and that’s the first year-over-year change in the median sold price for negative sales in December.
Meanwhile, housing supply in the Boise, Idaho area surged by 151.2% compared to December of 2021 yet pending home sales plunged by 38.6%. This is your latest Boise, Id real estate market update based on a brand new report from the Boise Regional REALTORS® (BRR) and Landpro DATA.
Homebuilders are driving the decline in home prices in the Boise housing market while sellers are trying to stay competitively priced. Homes are coming off the housing market, builders are no longer building, and homes are staying up for sale longer, which has caused new construction home inventory to be the highest since 2008 in Canyon County Idaho.
New home builders are racking up the staggering cost of inventory, and a possible foreclosure wave could hit Treasure Valley. Developers are starting to rack up on vacant lot inventory as builders stop buying lots. CBH homes, Boise Hunter Homes, Hubble Homes, Toll Brother homes, and Biltmore homes.
Affordable homes in Boise, Idaho? It looks more like a possibility. Idaho housing market forecast 2023. Latest Boise real estate market news.
Follow us along as we talk about the current state of the Housing Market. Will there be a market crash? Will home prices ever come down? Why is rent so expensive? There are so many questions about the current housing market. Here, we try and answer a few! Are you looking to buy or sell real estate in Idaho? Do you need market updates?
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