Where is the Boise real estate market headed in 2019? In a nutshell - a move to a more balanced market.
First a quick recap of what’s happened over the last twelve months:
- Boise area home prices jumped nearly 20%, with most neighborhoods showing flat or declining inventory.
- Construction of new homes increased a bit but not enough to offset the high demand we saw from buyers.
- Mortgage rates have risen from 3.92% to 4.87%, an eight-year high.
Price Appreciation Slows
Home values in the Boise area have been outpacing the national average since 2011. The double-digit appreciation we have seen over the last year will be a thing of the past in 2019.
The combined effect of higher home prices and higher mortgage rates pushed Boise…