The Boise Housing Market is SLO W I N G D O W N…….
With interest rates hitting 7.75%, the feds are doing their best to create a housing market stand still.
So we are seeing longer days on market and fewer home sales in almost every city in the valley.
But in some cities, the median sales prices are ⬆️!!!
Increasing inventory, but still low enough to keep prices up.
Builders pulled significantly fewer permits this past winter/early spring, so we are feeling the effects of that with low move in ready inventory in new construction as well.
Predictions are for rates to rise for awhile still, and when they finally do drop, unless we get more inventory, it will put pressure on home prices to rise again.
Bottom line…sell when you need to and buy when you can, don’t try to time the market. ⏰No one can predict what next year’s market will be like.
