Treasure Valley home price appreciation declined to the lowest in eight years as rising interest rates sent affordability to multidecade lows.
Ada County and Canyon County home prices rose just 1% in the year ending in September—the slowest growth rate since 2014.
The two counties' combined sales declined to 1,043 from last year's 1,543, reflecting a shift in buyer sentiment and reduced affordability from rising rates.
Homebuyers have more choice and negotiating power compared to prior years, but monthly payments can create sticker shock.
The year began with near-record low inventory and years of pent-up demand, but rapidly rising interest rates have changed the equation for many would-be buyers.
Since January, mortgage rates have more…