U.S. home prices rose at the fastest pace in more than three years in September, lifted by a record-low supply of houses for sale.
The Standard & Poor’s CoreLogic Case-Shiller national home price index rose 6.2 percent in September from a year earlier, the largest gain since June 2014. In 13 of the 20 cities tracked by the index, yearly price gains in September were faster than in August.
Home prices rose sharply in Idaho’s Ada and Canyon Counties in September as well, increasing 9.9 percent in September. But that wasn’t the fastest pace of increase for those Idaho counties. The year’s fastest price increase happened in July, when prices rose 11.4 percent. Prices rose 13.5 percent in June 2014, according to the Intermountain Multiple Listing Service.
Canyon County did see the highest median home price increase for 2017 in September at 13.8 percent, but home prices were rising 14 to 16 percent per month from January to April 2016, Intermountain MLS statistics reveal.
Home buyers are desperately bidding up prices because so few properties are available. The number of homes for sale in September was the fewest for that month on records dating back to 2001. And home builders aren’t yet putting up enough new homes to reduce the supply crunch.
Seattle, Las Vegas and San Diego reported the highest year-over-year gains.
Idaho Business Review’s Teya Vitu contributed to this story.