Increasing sales prices across the board!
Except for Star…but remember that Star had a huge sales increase last month, so it’s just evening out and does not reflect home values in Star dropping, just that fewer expensive homes were sold last month. Also, Star data is quite sensitive as it is such a small sample size.
Almost all areas had an increase in the number of homes sold.
And almost all areas had a decrease in days on market.
Middleton showed an increase in days on market, but again, it is a very small sample size, and that increase in days on market is likely a reflection of higher sales of new construction homes.
We do have very distinct hot and cold markets right now.
Who’s buying?
- First time or re-entry home buyers (usually with a $500k max)
- Cash retirees (usually in the $500k-$800k range, single story homes)
The slower market is the homes that typically sell to “move-up buyers”, 2-story homes in the $600k and range. There are two reasons for that.
- The interest rates just make affordability in that price point very difficult.
- Most “move-up” buyers own homes already and have interest rates under 3%. Unless there is a huge reason to purchase a new home, it’s pretty expensive to give up a 3% rate for a close to 7%.
But the May 2023 Boise housing market was quite strong, and I expect more of the same for June!
