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For the Real Estate Professional

This site is dedicated to informing the Real Estate Professional. I Blog each Friday, to keep you informed of upcoming changes, statistics, rates and lending news.  There is also links to program brochures on the right, as well as charts and news to keep informed.

Boise area housing market, June to July 2023

According to the Intermountain Multiple Listing Service (IMLS), the Boise housing market showed a mixed bag of factors in June and July 2023.

  • Median home prices: The median home price in Ada County rose in June for the third straight month, landing at $545,000. This is the highest median price since August of last year, but still cheaper than the median in June of 2022. In Canyon County, the median price fell slightly, to $405,000, from $415,000 a month ago. It's also less than the median price a year ago.
  • Inventory: The number of homes available for sale on the last day of the month across the two counties totaled 2,106 – up for the fourth straight month. However, the inventory is lower than in June of 2022 when 3,326 houses were on the market.
  • Days on market: The average home seller found a buyer in 33 days in Ada County, and 53 days in Canyon County. That's a little bit quicker in Ada County compared to May, and a little slower in Canyon County compared to the month before.

Overall, the Boise housing market is still considered to be a seller's market, but there are some signs that the market may be starting to cool. The slight decrease in median home prices in July and the increase in inventory are both positive signs for buyers. However, it's important to note that mortgage rates are still rising, which could make it more difficult for buyers to afford a home.

Here are some other factors to keep in mind when considering the Boise housing market:

  • Job growth: The Boise area is one of the fastest-growing economies in the country, with strong job growth and low unemployment. This is attracting new residents to the area, which is putting upward pressure on home prices.
  • Supply chain issues: The ongoing supply chain issues are also contributing to the high cost of housing in Boise. This is making it difficult for builders to get the materials they need to construct new homes, which is driving up the cost of new construction.
  • Government policies: The Biden administration's proposed changes to the mortgage interest deduction could also have an impact on the Boise housing market. If the deduction is eliminated or reduced, it could make it more difficult for buyers to afford a home, which could lead to lower home prices.

It's important to stay up-to-date on the latest trends in the Boise housing market if you're thinking about buying or selling a home. A real estate agent can help you understand the market and make the best decision for your needs. If you need a GREAT agent, contact us today, we can find one for you that fits your needs and style

Posted by 375loan at 8/23/2023 12:01:00 AM


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