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Housing Market In Idaho, Mountain West May Be Cooling Off

Hot housing markets like Boise may be starting to see a cool down as interest rates rise and supply increases.
Hot housing markets like Boise may be starting to see a cool down as interest rates rise and supply increases.

Our region is home to some of the hottest housing markets in the country but that trend may slowing down. 

Escalating house prices in cities like Boise, Salt Lake City or Missoula are largely due to frenetic growth. 

“Because you have more demand for housing and the supply is more limited,” says Sarah Mikhitarian, senior economist with the real estate tech company Zillow. She expects to see home prices continue to climb, but she says there is some good news on the horizon for home shoppers — there seems to be a slight slowdown in pricing acceleration.  

For example, earlier this year in Boise, home prices were climbing at the rate of 13 or 14 percent, according to Zillow data.

“And now they’ve slowed down to 11 percent,” says Mikhitarian. “So we anticipate that gradually over the next year or so home values will start to slow down a little bit.” 

She says the cool off could be due to a number of things -- more houses coming on the market, rising interest rates, and some home buyers simply being priced out.

Find reporter Amanda Peacher on Twitter  @amandapeacher .

Copyright 2018 Boise State Public Radio

This story was produced by the Mountain West News Bureau, a collaboration between Wyoming Public Media, Boise State Public Radio in Idaho, Yellowstone Public Radio in Montana, KUER in Salt Lake City and KRCC and KUNC in Colorado.

Copyright 2020 Boise State Public Radio News. To see more, visit Boise State Public Radio News.

Amanda Peacher is an Arthur F. Burns fellow reporting and producing in Berlin in 2013. Amanda is from Portland, Oregon, where she works as the public insight journalist for Oregon Public Broadcasting. She produces radio and online stories, data visualizations, multimedia projects, and facilitates community engagement opportunities for OPB's newsroom.
Amanda Peacher
Amanda Peacher works for the Mountain West News Bureau out of Boise State Public Radio. She's an Idaho native who returned home after a decade of living and reporting in Oregon. She's an award-winning reporter with a background in community engagement and investigative journalism.