The Treasure Valley housing market saw home prices and sales decline in January, as rising interest rates and a typical seasonal slowdown ahead of the holidays took their toll.
In Ada County, home prices fell 10.2% year-over-year to $485,000—the lowest level since April 2021. Canyon County saw a 6.9% yearly price decrease, settling at $395,445, a slight increase from December but also in line with the beginning of 2021.
The slowdown in the market can be partly attributed to the seasonal trend of fewer sales and lower appreciation in January; it also reflects purchase decisions made months earlier when mortgage rates were at a 20-year high.
Decreasing affordability and increasing economic uncertainty caused many buyers to retreat from the…