Treasure Valley home price growth continues to slow as volatile mortgage rates keep buyers on their toes, suppressing demand.
Ada County home prices rose 6.5% from a year earlier, while Canyon County prices gained 7.4%. While below the double-digit price increases we have become accustomed to in the last few years, 6-7% appreciation rates are above the Treasure Valley's long-term average.
Continuing the volatility we saw this summer, the average 30-year fixed mortgage rate increased to 5.89%—the third increase in as many weeks. Rates reached 5.81% in June before declining to 4.99% at the beginning of August.
Record low mortgage rates have been a significant driver of the demand we have seen since the beginning of the pandemic. Population…