Idaho home price growth remains strong

The prices of existing single-family homes in Idaho rose 9.3 percent in the past year, according to data from the Federal Housing Finance Agency released Thursday. Idaho had the 11th-highest rate of appreciation from the second quarter of 2012 to the second quarter of 2013, according to the FHFA's House Price Index. Nationally, home prices jumped 7.2 percent over the same time period.

"The FHFA index is another sign that Idaho's economy and housing markets are gaining momentum," said Idaho Housing and Finance Association President Gerald M. Hunter.

The Boise/Nampa metropolitan area saw the biggest year-over-year upturn in Idaho at 12.4 percent. Coeur d'Alene (6.8 percent), Pocatello (2.6 percent) and Lewiston (1.8 percent) also saw upticks. Idaho Falls, where home prices dipped 0.7 percent, was the only area in the state where home prices have fallen since the second quarter of 2012.

The FHFA House Price Index is calculated using the purchase prices of homes with mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac. "The value of the FHFA index is that it uses repeat-sales data obtained from Idaho-specific, single-family properties, which better reflects the trends we see in our communities," Hunter said.