Arina P. Habich // Shutterstock

Weekly Boise Real Estate Update

There’s been a lot of buzz surrounding mortgage rate trends over the past week, and for good reason. Last week, a rate hike pushed 30-year fixed-rate mortgage rates to 4% for the first time since 2019. In a normal market, interest rate hikes can significantly slow the housing market. housing, because even the most marginal increase has the potential to increase buyers’ monthly mortgage scores by hundreds of dollars each month. As such, this type of record increase should have tempered at least some of the unusual market trends occurring across the country. But as we’ve seen over the past two years, the pandemic-fueled housing market is anything but normal, and it has continued to defy logic even after the rise.

Whether or not he continues to do so is still up in the air – and there are new signs that it may not. According to new housing market data, the rate for 30-year fixed rate mortgages is now averaging 4.05%, and this week rates for other types of mortgages have also increased slightly. And most experts believe the Federal Reserve is poised to raise interest rates in the very near future. The Federal Reserve fueled that fire on Feb. 21 when Federal Reserve Governor Michelle Bowman noted her support for a quarter to half a percentage point hike in interest rates, which could happen. as early as March if the inflation figures are too high. Two other Fed officials, Governor Lael Brainard and New York Fed President John Williams, also signaled readiness to move to a rate hike next month.

If the Fed’s rate hike happens, it could help slow down the buying trends we’re seeing in the housing market, which could also help lower house prices. But it’s important to remember that this market is anything but ordinary. This week, many pundits predicted that house prices will not fall in the near future, but will likely rise rapidly. Some experts expect home prices to rise by up to 22% in the spring, which would be another blow to potential buyers. To help you stay on top of what’s happening in the housing market, real estate platform ZeroDown has compiled a weekly real estate market report for Boise using data from Redfin. The statistics are as of the week of February 20, 2022. Metros with more than 50 homes sold during the period were considered for metro-level rankings for each statistic.



Stacker

Median selling price

Boise City, Metropolitan Area ID:
– Median selling price: $495,621
– Change over one year: +19.3%

Metros with the highest median sale price
#1. Metro San Jose, CA: $1.4 million
#2. Metro San Francisco, California: $1.4 million
#3. Metro Santa Cruz, CA: $1.3 million

Subways with the lowest median sale price
#1. Youngstown, Ohio metro area: $128,625
#2. Saginaw, MI Metro Area: $129,788
#3. Cumberland Metropolitan Area, MD: $131,475



Volodymyr Kyrylyuk // Shutterstock

Median selling price per square foot

Boise City, Metropolitan Area ID:
– Median selling price per square foot: $271
– Change over one year: +21.7%

Subways with the highest median selling price per square foot
#1. Metro San Francisco, California: $1,044
#2. Metro San Jose, CA: $859
#3. Kahului, HI metro area: $848

Subways with the lowest median selling price per square foot
#1. Cumberland Metro Area, MD: $80
#2. Saginaw, MI metro area: $88
#3. Youngstown, OH metro area: $91



scarp577 // Shutterstock

Sales/list price ratio

Boise City, Metropolitan Area ID:
– Average ratio of sales to current price: 1.00
– Change over one year: -0.02

Metros with the highest sales/list price ratio
#1. Metro San Jose, CA: 1.11
#2. San Francisco, CA Metro Area: 1.09
#3. Oakland, CA metro area: 1.09

Metros with the lowest sales/list price ratio
#1. Metro Victoria, TX: 0.96
#2. Battle Creek, MI Metro Area: 0.96
#3. Cumberland Metropolitan Area, MD: 0.97



ungvar // Shutterstock

Homes sold with price reductions

Boise City, Metropolitan Area ID:
– Houses sold with price reductions: 26.9%
– Change over one year: +19.2%

Metros with most homes sold with price cuts
#1. Watertown, New York metro area: 38.8%
#2. Eau Claire, Wisconsin metro area: 36.5%
#3. Gadsden, AL metro area: 36.3%

Metros with the fewest homes sold with price reductions
#1. Hinesville, Georgia Metro Area: 5.0%
#2. Warner Robins, Georgia Metro Area: 6.5%
#3. San Jose, CA metro area: 7.8%



Production at 4 p.m. // Shutterstock

Out of market in two weeks

Boise City, Metropolitan Area ID:
– Off market in two weeks: nan%
– Variation over one year: +nan%

Metros with the most homes off the market in two weeks
#1. Seattle, Washington Metro Area: 91.8%
#2. Denver, CO metro area: 86.7%
#3. San Jose, CA metro area: 86.1%

Metros with the fewest homes off the market in two weeks
#1. Myrtle Beach, Metro SC: 1.3%
#2. Urban Honolulu, HI metro area: 4.5%
#3. Oshkosh, Wisconsin metro area: 4.7%



FOTOGRIN // Shutterstock

Months of supply

Boise City, Metropolitan Area ID:
– Months of supply: 5.4 months
– Change over one year: -3.5 months

Metros with the most months of supply
#1. Atlantic City, NJ Metro Area: 23.0 months
#2. Myrtle Beach, Metro SC: 17.9 months
#3. Ocean City, New Jersey Metro Area: 16.8 months

Metros with less months supply
#1. Metropolitan Lewiston, ME: 2.0 months
#2. Denver, CO Metro Area: 3.4 months
#3. Portland Metropolitan Area, ME: 3.5 months

This story originally appeared on ZeroDown
and was produced and distributed in partnership with Stacker Studio.