Housing Market Update for Boise & Nampa, Idaho August 2022

Hey everybody Treasure Valley Dave here! I just put together the Housing Market Update for Boise and Nampa, Idaho August 2022 for our area, but I also wanted to bring in other experts’ opinions and things like that. Mike Simonson with Altos Research says the housing inventory is declining again and that there are not as many houses out there. That’s funny because Goldman Sachs is saying that inventory is going through the roof causing the worst downturn in the market. One expert says one thing and another expert says another thing. Well, I’m not an expert but I’m going to tell you what’s happening here locally and we now have the housing market data for August which you can download at the end of this article!

Reviewing Ada County’s Numbers

Let’s take a look at how the housing market has changed throughout August in Ada County.

Ada County Home Prices Versus National Average

The median price has dropped about thirty thousand or $25,000 in Ada County, with a $50,000 in the national average. That’s a pretty huge fall right there! It looks like Kuna is your best deal coming in at $490,000. You can see that the median price for existing homes in Ada County is $530,000 and new construction is up to $683,000.

Ada County Mortgage Rates

Interest rates have come down as well. These interest rate numbers come from Freddie Mac and the average price nationwide comes from Zillow. Here our interest rates have been coming down for the last two months. That’s kind of wild, maybe it’s going to be easier to get into a property! Maybe the goal of the Federal Reserve to increase interest rates in order to bring house prices down is working?

Ada County Number of Homes Sold and Days on Market

Houses are currently staying on the market for about a month with a normal timeframe being about four to six months on the market. So, it’s still a very fast-moving market! Inventory in Ada County has also come down a little bit which is what Mike Simpson was saying.

Reviewing Canyon County’s Numbers

I know you’re wanting to know about Canyon County because you’re saying, “I’m not one of those people that need to live in or near Boise, I don’t have a job over there” or maybe, “I want to have a little bit more of a rural experience, a little slower pace of life” or maybe you want to just be in Canyon County. Whatever your reason, here is the market update for Canyon County.

Canyon County Home Prices Versus National Average

The good news about Canyon County is that our prices didn’t come down much, just a thousand dollars for the median price, but we are still a lot closer to what the national average is.

Canyon County Home Prices Versus Inventory

You can see that existing prices are coming in at a median price of $407,000. You know, that’s only $10,000 more than the national average, so, if you’re thinking “oh my gosh it’s too late! I’ve missed the boat, prices are going crazy, and I have to move to someplace where they have tornadoes!” Well, ten thousand more for the median price in Canyon County, I think you know we’re doing pretty good.

There’s an excess of homes over here. What does that mean for the builders? They’ve got too many homes. They’re giving out incentives left and right to home buyers to go under contract to build a new home.

The Leaving California Facebook Group

Idaho still has a very reasonable housing market here and is still growing! I would say a lot of that is because of people leaving California. There’s a Facebook group called Leaving California started by Terry Gilliam, filled with conversations and discussions of people that are talking about leaving California, and a lot of them end up moving here! We have a Facebook group of our own called Idahoans at Heart where we talk about all things Idaho. We’d love for you to join!

A Word From A Local Lender

As part of our housing market update we thought it would be beneficial for you to hear from our friend Darin Ramp with Williamette Valley Bank. Treasure Valley Aaron asks him a few questions in the quick interview below.