Housing Shortage Hits Boise, Will We See Prices Surge Again?
Buying a home in Boise will be a struggle for many people looking to purchase a home.
Realtor.com released a list of where the number of homes for sale has fallen the most, and Boise finds itself on that list. Realtor.com says, "Only 31 of the 100 largest metropolitan areas experienced an increase in the number of homes for sale in July compared with a year earlier. That means inventory dropped in the other 69 metros."
Realtor.com economic research analyst Hannah Jones gave two reasons. The first is that buyer demand is outpacing listing activity or that new listing activity is low and eating into the active inventory.
Fewer houses on the market make it more difficult for buyers to find a place they can afford. With near-record home prices and mortgage interest rates hovering around 7%, bidding wars, offers over the asking price, and so many people competing over a lack of homes on the market can be strenuous on home buyers.
Where the Number of Homes for Sale Has Fallen The Most
1. Stockton, California:
- July median list price: $587, 800
- July active listings: 579
- Year-over-year change in active listings: -56.2%
2. Phoenix, Arizona
- July median list price: $539,900
- July active listings: 8,232
- Year-over-year change in active listings: -42.4%
3. Seattle, Washington:
- July median list price: $815,000
- July active listings: 4,267
- Year-over-year change in active listings: -38.7%
4. Worcester, Massachusettes:
- July median list price: $518, 900
- July active listings: 731
- Year-over-year change in active listings: -37.2%
5. Bridgeport, Connecticut:
- July median list price: $1,099,500
- July active listings: 1,329
- Year-over-year change in active listings: -36.4%
6. Boise, Idaho
- July median list price: $599,000
- Year-over-year change in active listings: -35.9%
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