9/10/2023 0 Comments Boise housing bubble 2021Another factor is that real estate has partly returned to seasonal cycles, including a back-to-school lull. “There’s buyer fatigue and real questions about affordability.” Slowing down the pace, Miller said, is the average interest rate on a 30-year-fixed rate mortgage - 3.09% by late October, according to Freddie Mac, after it hovered below 3% for most of 2021. “The frenetic pace of the market has eased,” Miller said. By September, home prices dipped to $352,800, per the trade group’s figures. By July, the median home price escalated to $362,800, up 15% from December 2020’s $309,000 median home price, which itself was up 15% from December 2019, according to NAR figures. Moreover, 2021 was a historic year for home prices. on pace for 6.29 million homes sold at the end of September, according to National Association of Realtors data. How big? 2021 is projected to have the most home sales since the 2006 housing bubble, with the U.S. The managing partner of ACCEL Realty Partners in Boise, Steve Caporale, said that the video gave him pause, especially since, “The market has been softening a bit.” Talking rapidly into the video frame, Gerli bandied about a Florida Atlantic University report that Boise homes purchased are overvalued by 80%, and city residents ought to rent. “Boise is in a full-fledged housing crash!” declared Nicholas Gerli, CEO of Reventure Consulting. īy the fall, real estate agents in Boise, Idaho were passing around a video they didn’t like but couldn’t resist watching. The event is exclusively for HW+ members, and you can go here to register. Bringing together some of the top economists and researchers in housing, the event will provide an in-depth look at the predictions for next year, along with a roundtable discussion on how these insights apply to your business. After the series wraps early next year, join us on February 8 for the HW+ Virtual 2022 Forecast Event. This article is part of our HousingWire 2022 forecast series.
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