Massive Decline In Home Prices-Idaho-California Real Estate Market.
In this video, we discuss the current state of the housing market in the US and specific areas such as Boise, Twin Falls, Coeur d’Alene, and the California real estate market.
Boise, Idaho is up to 7.3 months of housing inventory
Twin falls Idaho has 9.3 months of housing inventory
Coeur d’Alene, Idaho has 14.3 months of housing inventory
Some agents have been discussing the drop in home prices month over month, and many have been focusing on the fact that prices are still up year over year. However, this is no longer the case as prices in Boise, for example, are now down 6% year over year according to Redfin. If the market flatlines, home values will show a decline of $31,000 by May, and if it declines, the drop will be even greater. Year-over-year declines starting to become more apparent, and agents, sellers, and buyers will have to face the true state of the real estate market. They also mention that with a lower inventory of homes and lower buyer demand, it’s currently a buyer’s market in these areas.
We also discuss the topic of population growth and migration, specifically the California market. The California Association of Realtors has put together a graph that shows the difference between the number of people moving out of California and the number of people moving in.
Califonia home inventory is up 89%, and sales are down 48%. San Francisco home inventory is up 85% and home sales are down 37%.
Are you wondering about the current state of the housing market? Are you concerned about the potential for a market crash, or wondering if home prices will ever come down? Are you trying to understand why rent is so expensive? We aim to provide answers to these and other questions about the housing market in our weekly content.
If you’re looking to buy or sell real estate in Idaho, follow our updates.
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Good News Realty Group LLC, located in Boise Idaho.
📲 Call/Text Direct at 208-800-9073
📲 Email: info@goodnewsrealtygroup.com
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Disclaimer:
Good News Realty Group LLC and Joshua Connell are not practicing tax accountants or licensed attorneys or financial advisers. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. You expressly agree not to rely upon any information contained in this video – it is for entertainment purposes only. If you need such advice, please get in touch with a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. Thank you for watching!
#housingmarket #redfin #zillow #boiseidaho #californiarealestate
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