![]() “Everybody knew it wasn’t going to last,” he said. While yes, the days of wild home price increases over the last two years are over, in large part thanks to the Federal Reserve’s fight with inflation and rising interest rates, Pierce said the market isn’t crashing down. “The sky is not falling,” said TJ Pierce, a real estate agent with Mid-Century Homes by Anthology, which specializes in homes built in the ’50s and ’60s in Boise. If you ask Boise real estate agents about whether Zillow’s data matches up with what they’re seeing in their local market, they say home price growth is beginning to level off - but they’re also quick to point out the issues of sensationalizing Zillow’s year-over-year price decline. That dip is slightly bigger using Zillow’s raw home value index data focused on the Boise metro area, which hasn’t been smoothed or seasonally adjusted, and is a figure Zillow researchers have been using because they say it more accurately captures the state of the market in real time given the current “volatile inflection period.” ![]() 31, with a typical home value of $515,432, down from $521,690 as of Aug. The city saw a slight, -1.2% dip according to the index’s seasonally-adjusted data through Aug. Boise inventory is up 298%, Phoenix up 317% and Las Vegas up 192%, Fortune reported, using data.īoise was also among the first to post a year-over-year home value decline in Zillow’s Home Value Index. In the West, it’s already happeningīoise was also recently called out - along with other markets like Las Vegas and Phoenix - for what Fortune termed “early-inning housing busts,” noting these “bubbly” markets, while they’ve been at the highest risk of home price corrections, they’ve also seen inventory levels spike over the last five months. Housing market needs ‘difficult correction’ to balance out, Fed says. ![]() This ‘overvalued’ Western city could see home prices fall up to 20% if recession hits. ![]()
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