Home Prices Are Plummeting In The Pacific Northwest More Than Anywhere Else
It's happening! Everybody remain calm! A significant number of sellers in America, especially those in the Pacific Northwest, are cutting home prices as high mortgage rates and fears of a potential recession have put many potential buyers at bay.
A new report by Redfin showed that more than 25% of home sellers in three-quarters of metros tracked by the brokerage across the country dropped their asking prices in the month of June. We're also seeing prices drop dramatically in Idaho, Washington, Utah, and California.
Some areas of the U.S. saw more than 60% of sellers drop their price, which the report says has "become a common feature of the cooling housing market, particularly in places that were popular with homebuyers earlier in the pandemic."
Redfin Chief Economist Daryl Fairweather told FOX Business that thirty-year mortgage rates are much higher than they were earlier in the year which has eaten into the budgets of homebuyers.
With these sort of market corrections beginning to happen, those of us in Boise, Idaho could soon see home prices become much more affordable. As home prices have climbed to 60% higher than they were pre-pandemic.
Boise saw one of the most dramatic prices drops in the country in the month of June. It wasn't alone, however. Here are the top ten metros in the United States that saw their home prices drop in June of 2022.
Top 10 Metros Dropping Home Prices
Gallery Credit: Cort Freeman
Amazing that Boise was top in the country when it comes to dropping home prices, but it shouldn't surprise any of us locals given how ridiculous those prices were to begin with.
It's a good sign that prices are beginning to drop. More Idahoans will be able to afford a home and will stop renting.
As things begin to get cheaper, we may see new options emerge to get more people into home. Consider this creative option as a future possibility.
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Or maybe these could be the next big thing in the Boise housing market.
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Let's take a look at some of the amazing homes on the market that could soon see their prices drop.
Channel Your Inner Bob Ross In This Boise Riverfront Home
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- The Kitchen
- The Pool
Gallery Credit: Cort Freeman
Groovy '70s Love Shack For Sale In Boise
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Wine Lovers $2.2 Million Dream Home For Sale In Boise
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$4.5 Million Boise Mansion With Movie Theater You Have To See To Believe
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Charming Coeur d'Alene Lake House Could Be Yours For Under $1 Million
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Kuna's Most Expensive House Will Have You Living Like A Cowboy
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The Treehouse In This Pacific Northwest Home Is Better Than What I Live In
- The Treehouse (better than my house)
- The Cinema (crazy!)
- The Play Area For Kids
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$35 Million Modern Sanctuary For Sale 5 Hours From Boise Is Breathtaking
Gallery Credit: Cort Freeman