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https://www.wsj.com/articles/boise-housing-market-cooling-down-zoomtowns-11658931254

Construction continues in downtown Boise, but the pace is slowing.

Boise’s Housing Market Boomed Early in the Pandemic. Now It Is Cooling Fast.

‘Zoomtowns’ that drew remote workers are now expecting prices to fall as interest rates rise and companies call employees back to the office

By Nicole Friedman

| Photographs by Kyle Green for The Wall Street Journal

July 27, 2022 10:18 am ET

BOISE, Idaho—During the pandemic-fueled housing boom, Boise emerged as one of America’s hottest “Zoomtowns,” communities that experienced a spike in population from an influx of remote workers.

Now, the housing boom around Idaho’s capital city has ground to a halt. Buyers are balking at record prices and mortgage rates that last month hit a 13-year high. Sixty-one percent of listings in the Boise metro area had a price cut in June, the highest rate out of 97 metro areas surveyed, according to brokerage Redfin Corp. Home builders who couldn’t keep up with demand last year are cutting back on construction.