According to Intermountain MLS data, 723 single-family homes closed escrow in the Boise real estate market during September 2006 at an average selling price of $276,274.
This contrasts to 1,258 closed escrows during September 2005 at an average selling price of $236,262.
The numbers indicate a year-over-year 42.6% decline in closed units combined with a 14.5% increase in the average selling price.
I seriously doubt that we will continue to see 14.5% annual appreciation when we are experiencing a 42.6% decline in closed units.
(data pertains to Ada County single-family homes on lots or acreage).