Why the housing market in Zoom towns is taking a nosedive

• After two years of bidding wars, above-asking and no contingency offers, many of the Zoom towns are now seeing a massive slowdown.
• The percentage of active listings in Boise with price drops went up from 14% in February to 68% in July.
• More than 15% of homesellers dropped their price 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 was not inundated with multiple offers.

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

By June, she’d closed on a deal that was $25,000 below asking.