Nicholas Gerli, of Renventure Consulting says that data from Realtor.com shows that Boise leads the nation in price reductions at 920%. He believes that a housing crash has started in Boise, Stockton, and Austin.
He even states that Boise is in a full-fledged housing crash even though it has the highest job growth in America, and the number three inward migration in America is in a housing crash. He extrapolates to argue that those on the West Coast who predicted a housing crash wouldn’t happen were wrong.
He believes that one of the reasons for markets starting to struggle is that people have stopped leaving California. Without the high-paying jobs that these people bring with them, locals cannot afford to pay the higher home prices
It is important to realize that demand is almost always lower in fall. Distortions causes by Covid may be ending but interest rates are still low and quantitative easing is continuing. It is possible that a slowdown occurs next year rather than the deep crash that Gerli predicts. Unless the Fed over-tightens in response to the rapidly rising inflation that it caused with low interest rates and quantitative easing. As it appears that the Fed believes current high inflation to be transitory, the Fed may take their time in tightening.
https://kidotalkradio.com/boise-is-in-a-full-fledged-housing-crash-real-estate-expert/