The Boise area’s housing market is so hot, the Wall Street Journal wrote about it for today’s front page.
But memo to the WSJ: Boise isn’t in the midwest by any measure.
“While Western housing markets have seen a decrease in growth, Midwestern cities have seen positive growth in average sale price year after year.” The Journal then uses three cities it calls “midwest” to illustrate its point: Grand Rapids Michigan, Cleveland, Ohio… and Boise.
Beyond the geography challenge, the WSJ points out that cities away from the coasts are seeing housing booms. It notes that just 10 of 178 metro areas “had double-digit annual price increases” in the spring homebuying season. That’s down from 24 in 2018, according to National Association of Realtors data. Boise is one of the still-fast-growing metro areas.
Prices in the Boise area continue to rise. The WSJ analyzed data for the “middle third” of home sales in each market, and found Boise home prices increased 10.9% in June. That’s down, however, from a 13.9% growth rate in April of this year, and well off the recent high of 16.3% annual growth in March of 2018.