Double digits. That’s how much Treasure Valley housing prices have shot up in the past year. The spike is so extreme, no other metro area in the U.S. can touch it.
The Federal Housing Finance Agency released a report Tuesday that says the Boise-Nampa metro area ranked No. 1 in the U.S. for its year-over-year housing price increases.
Homes in the Boise metro appreciated 13.6% over a year ago, the report says. The national average: 5%.
And it’s not just Boise. It’s all of Idaho. The Gem State was the top state, with an 11.4% housing price increase from a year ago, the agency said in a news release.
The Boise area left other metros in the dust. Grand Rapids, Michigan, was in 2nd place with a 9% increase, followed closely by San Antonio, Texas; Austin, Texas; and Colorado Springs, Colorado.
Observers attribute much of the Treasure Valley’s residential real estate inflation to the surge in people moving to the Boise area. But the housing finance agency’s report shows the housing market is cooling down in one of Idaho’s feeder markets: Seattle. It ranked in the bottom 10 metro areas for price increases over last year.
The 81-page report also shows that Idaho’s housing prices started to gather steam rapidly in the past couple of years, after a dip and a plateau following the financial crisis.
The FHFA’s report looked at 100 metro areas.