My comment on St George also applies to most of these cities.
There’s no shortage of developable land so existing RE is always competing with newer and better developments, and RE prices will trend toward new home construction cost.
They can still be OK investments, especially with cheap financing or tax benefits, but they are too risky IMO for outside investors when their prices run up to levels higher than new construction. They’ll head back down as soon as developers catch up with the surprise demand that drove prices up.
Boise typical SFH looks like they are at 2.5x 2015 prices. I doubt construction prices rose that much. I’d be worried about nominal price declines of 20% there.
