This month’s market report by Boise Regional REALTORS® stated this: “According to market highlights released by NAR on June 8th, the US housing market remains shy of 300,000 affordable homes for middle-income families. Boise was listed as one of the metro areas with the fewest affordable homes available for middle-income buyers. Five years ago, the income group was able to afford half of all available homes, but that number has shrunk to 23%...Tackling supply issues will be a large factor in easing affordability concerns in our area. Builders will carry the torch for ensuring we can provide more options for middle-income families. This is echoed by National Association of Home Builders Chief Economist, Robert Dietz, who stated that the best long-term combatant to affordability concerns is to increase inventory, particularly with new construction.”
If you’re thinking about buying or selling in the coming months and are curious about how current market conditions could affect that decision—including interest rates and affordability concerns-- please give us a call. We are always happy to meet with you!
For a quick snapshot of the Boise housing market for May 2023, see Boise Regional REALTORS® housing market summary for Ada County below:
See more monthly Boise housing market updates HERE!