The supply of homes for sale in the Treasure Valley continues to rise as buyers are forced to contend with volatile interest rates.
Over the past year, Ada County home prices have risen 9.26%, while Canyon County’s are up 6.57%.
Even as prices remain well above last year’s levels, June’s sudden increase in mortgage rates sent July sales tumbling by one-third from the same period a year ago. While that is a notable decline, it appears to be more a result of recent interest rate fluctuations than a long-term trend.
Since the end of May, mortgage rates have bounced from 5% to over 6% and back again. At one point in June, rates rose 0.55% in one week, the biggest seven-day surge since 1987.
As you would expect, that's taken affordability and…