In a weekend op-ed, Bloomberg's Jonathan Levin wrote, "If you're wondering where the U.S. real estate market might start to show its first cracks, keep an eye on Boise, Idaho." 

Levin is right. During the pandemic, Boise saw a massive influx of Californians purchasing homes in the region. Now the rush could be stalling. 

Zillow data shows the average home price in Boise rose just 0.4% in March, down from 4.1% in June. 

"The slowdown is hitting some Western mountain towns now, but it's also likely to catch up with Austin, Texas; Phoenix; and Tampa, Florida, among others," Levin noted. 

He spoke with Oxford Economics economist Oren Klachkin about Boise home prices being a staggering 70% over what prices are deemed affordable to the median household income in the area. Thank Californians for this bubble.