As the spring selling season begins, Treasure Valley home prices display glimmers of stability following year-over-year declines.

In Ada County, the median single-family home price declined 10.7% from the previous year, finishing February at $491,057. Canyon County prices dipped to $389,945, down 10.2% from the year before.

While prices rose slightly in Ada County and declined somewhat in Canyon County, their combined prices are essentially unchanged from January, marking the first month without a decline since October.

Star and Middleton emerged as the only two cities in the Treasure Valley to record a yearly increase in prices. Star saw a gain of 11.7%, while Middleton's prices rose by 2.6%. Conversely, Kuna showed the biggest decline, with

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

Treasure Valley home prices remain on a downward trend despite a rapidly shrinking supply of homes for sale.

Median home prices declined 5.7% in Ada County and 7% in Canyon County for the year ending in December.

In 2022, home prices remained positive on a year-over-year basis until November before ultimately finishing the year lower than where they had begun. This marked the first time since 2010 that home prices ended the year lower than where they started.

In January, the average 30-year mortgage rate was just over 3%. However, by the end of December, it had risen to 6.42%. This represents the largest increase for any calendar year on record.

The dramatic rise in rates shocked the system, ending the pandemic-driven housing boom. For

In November, Ada County home prices recorded their first year-over-year price decline since 2014.

On a month-to-month basis, home prices began falling in June but remained higher annually until now. The median home price in Ada County declined by 2.5% from last November. Prices in Canyon County eked out an annual gain of 1.4%.

Home prices have been under pressure this year as moves by the Federal Reserve to tame inflation have sent mortgage rates soaring.

Prices can rise and fall monthly, even when the overall price trend is higher (or lower). Many economists and real estate professionals focus on yearly comparisons to help smooth out that monthly volatility.

In the past few years, buyers saw the fall and winter months as an opportunity to

In October, the supply of homes for sale dropped for the first time this year as rising mortgage rates and slowing appreciation continued to discourage potential sellers.

The number of newly listed homes plunged 30% from September, marking the fourth consecutive monthly decline. While it is not unusual to see a slight slowdown in late summer, new listings are also down nearly a third from last October, suggesting more than a seasonal shift.

Months’ supply of homes for sale in Ada and Canyon County slipped to 2.81 and 2.87, respectively, the first monthly declines since January.

As inventory decreased, Treasure Valley home prices increased. Ada County prices rose 5.1% from last October and jumped $21,000 just from last month. While home prices

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

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

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

Across the Treasure Valley are signs that the housing shortage is starting to ease as the supply of homes for sale rises to pre-pandemic levels.

Even as prices continue to move higher, appreciation rates (the annual change in home prices) are beginning to normalize, bringing much-needed balance to the Boise market.

Ada County’s median sale price rose 12.81% from a year earlier, and Canyon County’s rose by 4.95%.

Year-over-year price gains are down significantly from the 30%+ appreciation we saw in 2021, offering buyers some relief. Overall, it's a move to a much healthier market, putting us closer to the Treasure Valley's 5-6% long-term price appreciation average.

At the beginning of July, the total number of homes for sale rose to 2,081

Ada County home prices rose to a new record in May, with the cost of the typical home climbing above $600,000 for the first time.

With the supply still well below normal, homes across the valley are selling at breakneck speed. Half of all listings are on the market for less than a week, the second fastest pace for May in history.

The median single-family home sale price in Ada County finished the month at $602,250, increasing by $84,035 (16.22%) over the last 12 months. In Canyon County, the cost of the typical home rose by $52,735 (12.95%) to $459,990, the second-highest price ever recorded.

While spring is traditionally the busiest time of the year, rising home prices and mortgage rates have created a strong sense of urgency among would-be