Real Estate
Housing Market Shows Cracks With Price Cuts in Pandemic Boomtowns
In places like Boise, homebuyers are gaining an edge after a real estate frenzy.
CBH Homes has 100 homes in Idaho’s Canyon County with active listings on Realtor.com and 80 have price reductions.
Photographer: Kyle Green/BloombergThis article is for subscribers only.
No city exemplifies the mania of the Covid-era U.S. housing market better than Boise, Idaho, where prices have surged by more than 30% in the past year. But in a sudden reversal, buyers are now the ones with power.
Asking prices for houses are being slashed. Bidders no longer have to waive inspections to win over sellers juggling multiple offers. Demand has slowed so much it’s like a light switch suddenly turned off, said Dominic Zimmer, a local Realtor.