The Treasure Valley became one of the hottest markets for home buyers during the pandemic, mainly due to the work-from-home revolution.
The Boise Regional Realtors organization released stats for the current housing market, which show prices in the Treasure Valley have dropped and the current demand for housing is slowing down.
"We are shifting back to what's called a Normal Boise Treasure Valley market which is wonderful because that opens it up to all the buyers to be able to purchase," said the Boise Regional Realtors President Becky Enrico-Crum.
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During the pandemic, many homes listed received multiple offers and sold for higher than the list price, and currently, that is not the case.
"Sellers aren't getting over asking as they did in that market. They are getting more market value prices," said President Becky Enrico-Crum.
Since May, interest rates have doubled, meaning monthly payments have gone up.
"It does affect people buying because it's going to change the range in which they can buy. So maybe they can buy at the highest point they wanted before; they might have to lower their price," said President Becky Enrico-Crum.
Economists at Realtor.com say fall may be the best time to buy a home since more options are available and those in the market have more time to make decisions.
