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Washington, Oregon, Idaho: top three in home price increases

A house for sale in Boise.

A house for sale in Boise. According to CoreLogic and the Boise Regional Realtors, Idaho saw the third-highest increase in home prices in December. Washington and Oregon were first and second. Photo by Eric Allen.

Idaho had the third highest increase in home prices in December behind Washington and Oregon, according to real estate data provider CoreLogic.

CoreLogic calculated a 9 percent increase in home prices in the Gem State over the prior December. Boise Regional Realtors noted a 5.6 percent increase for the same time frame in Ada County and an 11.3 percent increase in Canyon County.

Ada County did hit all-time high median home prices in July at $254,000, though that has since retreated to $245,000, a normal summer-to-winter pattern.

BRR and CoreLogic numbers vary because CoreLogic analyzes repeat sales from public records and BRR uses sales reported to its own wholly-owned subsidiary, Intermountain Multiple Listing Service, BRR CEO Breanna Vanstrom said.

Breanna Vanstrom

Breanna Vanstrom

“We know Idaho is benefiting from overall economic growth in the Pacific Northwest and across the state,” Vanstrom said via email. “But as the larger, nearby markets are increasingly more expensive – Seattle, Portland, and Denver, for example – people are looking to Idaho, and often Boise, as a more affordable option that offers a similar climate and lifestyle.”

The ranking of top states with rising home prices has been the shuffling of a five-card deck in recent months with regional neighbors Washington, Oregon, Idaho, Utah and Colorado. In September, CoreLogic ranked Idaho No. 5, behind Utah and Colorado, which followed Idaho in December.

WalletHub, a Washington, D.C.-based personal finance website, ranked Boise 47th among the 150 U.S. largest cities in its 2017 list of best places to be a real estate agent. WalletHub analyzed 14 key indicators with Boise scoring high for housing market health index relative to other markets and real estate employment growth. The lowest scores were for annual median wage for agents and real estate employment attractiveness.

Though in the top third, Boise ranked behind Seattle, Portland, Denver, Reno, Spokane, Vancouver, Wash., and Tacoma on the WalletHub list but ahead of Salt Lake City at No. 63.

 

About Teya Vitu

Teya Vitu is an Idaho Business Review reporter, covering commercial real estate, construction, transportation and whatever else may intrigue him in the moment. Join me on Twitter at @IBR_TeyaVitu.