Housing prices are falling in Boise. Check the 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.

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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.

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

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“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.”

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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.

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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.

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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.

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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.

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

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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.

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

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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.

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“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.”