Big jumps in home values continued across Idaho this past spring, with Boise among the areas posting the largest increases in the U.S.
Home appreciation rose 15.6 percent in the second quarter compared with a year ago in the Boise metro area, according to a new report from the Federal Housing Finance Agency. That’s the second-highest year-over-year increase among the 245 metro areas listed, trailing only Las Vegas.
This follows a strong first quarter for the Boise real estate market. In the first three months of 2018 Boise had the highest year-over-year home value increase, rising 15.3 percent.
Statewide, home prices rose 13 percent, second only to Nevada’s 17 percent.
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Several Pacific Northwest metro areas were in the top 10 for year-over-year home appreciation increases. Tacoma, Wash., was third highest in the U.S. at 14.9 percent, Bremerton, Wash., fourth at 14.4 percent, Seattle sixth at 13.7 percent, Bellingham, Wash., eighth at 13.1 percent and Wenatchee, Wash., ninth at 12.6 percent.
While home-price appreciation is still rising rapidly in the Pacific Northwest, it is starting to slow down in other parts of the U.S.. Across the U.S., home values rose 6.5 percent.
William Doerner, a supervisory economist for the agency, said recent mortgage rate increases could be a factor in the national slowdown.
“Rates are still inexpensive from a historical standpoint, but their bump-up appears to have gently pressed the brakes on house price increases,” Doerner said in a news release accompanying the data.