December Market Highlights. Despite elevated mortgage rates, December ended the year with a surge in home sales. Ada County recorded a 37% increase year-over-year with 679 homes sold, while Canyon County saw a 44% jump to 370 sales. The median sold price in Ada County climbed to $510,000, up 5.5% year-over-year, while Canyon County’s median price dipped slightly to $405,000, a 1.6% decrease.

For buyers, mortgage rates hovering just below 7% continue to pose affordability challenges. Even a small rate increase can significantly impact a buyer's budget over time, making rate fluctuations a critical factor. However, the slower pace of the winter market can present opportunities with reduced competition. Buyer activity tends to slow when rates rise and

Rising home inventory has fueled higher sales this year, while elevated mortgage costs have kept price growth in check.

For buyers, the unpredictability of mortgage rates has been almost as impactful as the rates themselves. Monthly payments have fluctuated by hundreds of dollars, creating challenges even for those who can technically afford the added expense.

Over the past two years, homebuyer demand has tended to rise when mortgage rates approach 6% but lose momentum when rates climb past 7%. The market surged in August and September as rates hit a two-year low, only to cool when rates spiked in October. Recently, rates dropped again, reaching a five-week low of 6.69%.

Despite the volatility, buyer activity has been busier than usual for

The Treasure Valley housing market is showing renewed momentum. After reaching a nine-year low, home sales have bounced back significantly since mid-year, largely thanks to easing interest rates and improved inventory.

In October, home sales in Ada County surged by 47% compared to a year ago, with Canyon County seeing a similar rise of 39%.

During the first half of the year, demand for homes slowed as fluctuating interest rates made it difficult for buyers to commit. Coupled with rising home prices, higher rates stretched budgets, making monthly payments less affordable.

However, in May, mortgage rates began to decline, sparking renewed buyer interest. Builders also offered incentives to lower buyers’ mortgage rates, further fueling demand.

In Ada County, plummeting mortgage rates are making a big difference; the average buyer is saving $500 per month compared to just a few months ago. Combined with a slight dip in home prices, lower rates are a green light for many who were previously on the fence about buying.

After reaching nearly 8% in October last year, mortgage rates have settled at just over 6%, their lowest level since early 2023. While the Federal Reserve's expected rate cut last month grabbed headlines, mortgage rates had already started dropping sharply in August, anticipating the Fed's move.

Buyers and homeowners were quick to take advantage of the lower rates. Nationwide, mortgage applications for new construction homes jumped 15% in August, and refinance originations

Following a brief summer slowdown, homebuyer demand is inching higher as mortgage rates continue to fall. After peaking at 7.22% in May, rates dropped to 6.35% last week—nearly a full percentage point lower than last year and the lowest since April 2023.

Even slight drops in mortgage rates can lead to significant savings, adding up to hundreds of dollars per month. From an affordability perspective, a 1% drop in mortgage rates is equivalent to a 10% decrease in home prices.

In August, the median home price in Ada County rose to $536,665, a 3.2% increase from last year. In Boise, home prices ended the month at $516,000, reflecting a 4.2% rise. Prices in the county saw a notable dip last August, making year-over-year comparisons appear more

The Treasure Valley housing market increasingly favors buyers as home prices decline and mortgage rates drop to their lowest levels in over a year.

The average 30-year mortgage rate fell to 6.47% for the week ending August 8, the lowest level since May 2023. Homebuyer demand typically shrinks when rates rise above 7% and picks up when they fall below that threshold.

Even small changes in mortgage rates can significantly impact home affordability. For instance, a buyer who put 20% down on a $500,000 home in April would have faced a monthly payment of about $2,750, excluding insurance and property taxes. Today, that payment would be closer to $2,480.

Federal Reserve Chair Jerome Powell recently suggested that a rate cut "could be on the table

Ada County home prices hit a fresh two-year high in June, reaching their highest level since July 2022.

The median price for a single-family home in Ada County increased to $569,990, reflecting a year-over-year increase of 4.6%. Similarly, Boise's home prices saw a 6% jump to $556,500.

This rise was primarily due to a higher number of expensive homes being sold rather than an increase in prices. On a price-per-square-foot basis, home prices in the county were slightly below April's levels.

Canyon County home prices rose to $424,945 in June, marking a 4.9% increase over the past year. As homes usually go under contract one to two months before the sale closes, June's data reflects purchase decisions made earlier in the spring.

Local home

Rising home prices, elevated interest rates, and a growing supply are contributing to slowing demand for all but the best-priced properties.

As competition intensifies, sellers have started offering more concessions to attract buyers, ranging from interest rate buydowns to assistance with closing costs.

In Ada County, the median home price is now $551,950, a 3.3% increase from last year. Boise saw a bigger jump, with prices rising 7.4% to $537,000. Canyon County's prices rose slightly to $419,900, a 1.2% increase from last June.

Falling rates at the end of last year spurred a rush of interest from homebuyers at the beginning of this year. Combined with a limited supply, this surge pushed prices to a two-year high. However, rates rose

Robust demand and scarce supply have driven up home prices in the Treasure Valley this spring. However, rising mortgage rates threaten to dampen the enthusiasm.

May is typically one of the busiest months in the housing market, as families with school-aged children aim to relocate before the new school year begins.

The median price of a single-family home in Ada County rose by 7.5% year-over-year to $556,500 in April, up slightly from March. Boise home prices climbed to $525,000, a 5% increase compared to the previous year. In Canyon County, prices ended the month at $429,995, up 10.3% from April 2023, the highest since October 2022.

As prices have risen this year, bidding wars have become less frequent. However, fairly priced, move-in-ready

Ada County home prices are surging as rising competition for scarce listings sends buyers scrambling. With robust demand and historically low inventory, 2024 is already turning out to be a good year for home sellers.

The median home price in Ada County at the end of March was $555,000, up 15.2% from the previous year. This increase represents the largest yearly gain since May 2022, the same month the county hit a record.

Home prices in Boise also experienced double-digit growth, jumping 13.4% to $529,990, the highest price since June 2022. In Canyon County, prices rose by 4.7% from a year ago to $413,395.

Demand from buyers less sensitive to interest rates, combined with a limited supply of homes on the market, is driving above-average growth