Housing prices are falling in Boise. Check costs in your ZIP code with our interactive map

For the first time in over 10 years, the United States has witnessed a nationwide decrease in year-over-year median home prices, and Boise is ahead of the trend.

A study from the National Association of Realtors found that the median price for all types of existing homes fell by 0.2% in February 2023 compared with February 2022 to a median price of $363,000.

The last time the U.S. saw a year-to-year decrease was from June 2011 to June 2012.

“Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines,” National Association of Realtors chief economist Lawrence Yun said in a news release. “Moreover, we’re seeing stronger sales gains in areas where home prices are decreasing and the local economies are adding jobs.”

Boise and the rest of the Treasure Valley are well ahead of the national curve in price decreases. ZIP codes including Boise, Meridian, Nampa and Caldwell have witnessed a 4.2% decrease in median home value over the past year.

But home prices for the same Treasure Valley ZIP codes remain well above the national average. As of February 2023, the median home value for the corresponding ZIP codes was $461,000 — a $98,000, or 27%, increase.

Across the West, home values have decreased on average by 5.6%. The same data also shows that existing-home sales have reduced across the west by 28.3% in the last year.

According to data from Zillow, ZIP code 83703 — which encompasses west Boise and Garden City — saw the most significant yearly decrease at 6.9%. The median price remains higher than the Valley average at $480,321.

ZIP code 83605 in Caldwell saw a minor decrease at 2.3%. The median price is $333,699, below the national and Valley averages.

According to data from the National Association of Realtors, housing markets in the western U.S. are primarily responsible for the year-over-year decrease. Home values in the Midwest and South have increased over the past year, while houses in the Northeast and West have decreased.

Previous reporting from the Idaho Statesman shows that Boise property closings were 7.3% lower this past February than a year ago.

Mike Pennington, of John L. Scott Real Estate in Boise, said in an email March 10 that he thinks resale home prices will flatten out soon.

“Many would-be buyers who own their current homes are reluctant to sell and buy given current interest rates,” Pennington said. “It is also a greater challenge as homes are not selling in a week as they did in 2020. Many families are taking a wait-and-see attitude. I do see a slow, steady recovery in both the new and resale markets.”