![]() This suggests higher consumer confidence as mortgage rates drop, giving prospective buyers some relief.īuyers can breathe a sigh of relief as the median home price for single-family homes in Boise dropped to $473,000 in September, a 3.3% decrease year over year, based on Redfin data. ![]() This is a 9.3-point increase since the same time the year before. was 67.9 out of 100 in September, according to the Survey of Consumers from the University of Michigan. Refinance activity is low, as there’s still little incentive for homeowners to refinance with rates at the current levels, according to the MBA.Ĭonsumer sentiment in the U.S. The recent drop in mortgage interest rates led to an increase in mortgage purchase applications, the MBA pointed out. On an unadjusted basis, the Index increased by 3% compared with the previous week and was 18% lower year over year. 24, the Mortgage Bankers Association’s seasonally adjusted Purchase Index increased by 8% compared with the prior week. “The part of the market where people rent homes is still doing really well, and this shows that a lot of people still need places to live in our city,” Elfering says.Īs of Jan. The rental market is faring better in Boise. “Building these new houses costs more money now because the materials to make houses and the people who build them are more expensive.” “More new houses are being built in Boise, and this helps because there aren’t enough homes for everyone who wants one,” he says. national average is slightly above Boise, with approximately 2.52 months of housing supply during the same period, up from 2.4 months year over year.Įlfering noted that Boise could see some improvements in the housing supply. There were 2.26 months of housing supply as of September 2023, down from 3.4 months the prior year, based on Redfin data. ![]() Six months is typically considered a balanced market where supply and demand are about the same. ![]() Housing supply refers to the number of months it would take to sell the homes currently on the market at the current listing price. The Boise housing supply decreased in 2023, but it’s currently on an upward trajectory. As of September, there were 358 approvals, a 9% decrease year over year. There were about 290 construction permits for multifamily housing in January 2023, down from a five-year high of 520 approvals in July 2022. Last year saw fewer multifamily housing permits compared with 2022 however, permit approval rates were more stable throughout the year. Between August and September, permit approvals dropped by 37%. Permit approvals peaked in August 2023 with 741 approvals, down from a five-year peak of 928 in March 2021. Census Bureau.Īs of September 2023, 464 single-family home permits were approved in Boise - a more than 26% increase year-over-year. How the Boise Housing Market Changed in 2023Ĭonstruction permits for both single-family detached homes and multifamily buildings with two or more units increased in 2023, based on data from the U.S. Here’s what you should know about how the Boise housing market has changed over the past year and looking ahead at 2024. News Housing Market Index, we’ve compiled the data you need for a better understanding of the current state of the market. But now things are becoming more balanced for buyers and sellers.”Īccording to Elfering, home prices in Boise aren’t going up as quickly as they used to. “For a few years before 2023, sellers had the upper hand because there were more people who wanted to buy homes than there were homes available. “The way people were buying and selling homes in Boise changed a lot in 2023,” said Will Elfering, owner of Boise Home Offers. Mortgage rates have come down to the mid-6% range, giving prospective homebuyers with affordability concerns a little bit of relief as they jump back into the market. Boise is a hub for many industries and a growing tech sector has helped boost the small city’s economy.īut like many areas of the U.S., the Boise housing market experienced elevated home prices, high buyer demand and a low housing supply. Located near the foothills of the Rocky Mountains, Boise, Idaho consistently ranks highly among other metro areas for its quality of life and fast growth. Business & Finance Click to expand menu.
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