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Why the housing market in the Zoom cities is taking a dive




Why the housing market in the Zoom cities is taking a dive

  • After two years of bidding wars, over-inquiry and no contingency offer, many of the Zoom cities are now seeing a massive decline.
  • The percentage of active listings in Boise with price drops rose from 14% in February to 68% in July.
  • More than 15% of home sellers dropped their prices in July in each of the 97 metros nationwide, Redfin reports.

When Miriam Stocking listed her house for sale in March in the Boise, Idaho area, she wasn’t inundated with multiple offers.

Instead, she received one offer above the $725,000 asking price, but the buyers soon backed out, saying they had decided they wanted an open floor plan instead.

By June, she had closed a deal that was $25,000 below the asking price.

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