Boise home prices continue to rise and show no signs of slowing down.
The Federal Housing Finance Agency released its fourth quarter House Price Index on Feb. 25, showing that the HPI for Boise had a 12.7% increase over last year – from the end of third quarter 2018 to the beginning of fourth quarter 2019. In the third quarter 2019 alone, the Boise HPI rose 3.4%, giving Boise the No. 1 rank out of the top 100 U.S. metro areas for house price appreciation.
Home prices in Idaho saw a near-equivalent increase. The state gained the No. 1 position in the U.S. for the largest HPI gains over the same one-year time period with an HPI appreciation of 12%.
The metropolitan areas with the next highest HPIs for the same one-year period were Colorado Springs, Colorado, with 11.0%; Orlando, Florida, with 10.1 %; Memphis, Tennessee, with 9.0%, and Tampa, Florida, with 8.4%.
The FHFA’s purchase-only HPI is a long-running and geographically comprehensive measure of house price appreciation in the country. It is a weighted repeat-sales index using purchase transaction data from Fannie Mae and Freddie Mac, who own or guarantee more than half of the country’s home mortgages.