, which shows Boise had the largest year-over-year negative price shift among the 100 largest U.S. housing markets in June, with prices down 10.5% from the peak in June 2022.
Ahead of the national housing market correction, Boise caught national attention for months as housing researchers at Florida Atlantic University ranked it high as one of the most "overvalued" housing markets.also deemed it the nation's most "overvalued," saying Boise home prices are nearly 72% overvalued based on market fundamentals.
Though Boise burned hotter amid the COVID-19 housing market rush, Utah wasn't far off. The rapidly growing state, while also dealing with a yearslong housing shortage, also saw prices skyrocket, then taper. Prices have started climbing again since then. In June, the median single-family Salt Lake County home sold for $600,000, a nearly 8% year-over-year reduction but a 12% increase from January.Compared to the West, Eastern markets have seen a more muted impact from the pandemic housing rush and its ensuing hangover. They've been the first to slowly bounce back amid higher interest rates, while the West is still coming to terms with its new realities.