The Impact of California’s Housing Market on Idaho Home Sales

The Boise area housing market continues to defy slowing market conditions. At one time, it was one of the hottest markets in the country. However, the end of the pandemic, interest rates, inflation, and other factors have slowed the speed of buying and selling homes in Idaho.

However, the slower market conditions have caused many to leave the real estate and mortgage professions as homes stay on the market longer. (Remember when folks bought homes site unseen without any inspections?)  

Traditionally, the winter months, now through May, are the slowest of months in the real estate calendar. Folks are reluctant to move while their kids are in school or when the weather could be better. 

The real estate market is one of the backbones of the national economy. A recent report by Attom published by Newsweek looks at which housing markets are on the verge of collapse. Three states were identified as the most at risk for homeowners losing their equity.

CRAZY CALIFORNIA LAWS DRIVING PEOPLE TO IDAHO 

Is Idaho one of the three most at-risk states? The answer is no, but one of the biggest western states has been named. This state is so big that what happens in California could impact the housing market here and across the country.

Home buyers and sellers should be alert in California, Illinois, and New Jersey. However, a downturn in the Golden State market could impact continued home sales in Idaho. Many homes sold in Idaho are bought by folks cashing out in California. 

WHO OWNS THE MOST LAND IN IDAHO? 

Unlike Idaho, New Jersey, California, and Illinois have higher unemployment rates. When folks lose their jobs, they lose their homes. Let’s hope this report is wrong, as no one wins when they lose their home and employment.