Treasure Valley home prices remain on a downward trend despite a rapidly shrinking supply of homes for sale.
Median home prices declined 5.7% in Ada County and 7% in Canyon County for the year ending in December.
In 2022, home prices remained positive on a year-over-year basis until November before ultimately finishing the year lower than where they had begun. This marked the first time since 2010 that home prices ended the year lower than where they started.
In January, the average 30-year mortgage rate was just over 3%. However, by the end of December, it had risen to 6.42%. This represents the largest increase for any calendar year on record.
The dramatic rise in rates shocked the system, ending the pandemic-driven housing boom. For…