Single-family home prices rose by 9.3 percent in February compared to a year earlier, their fastest rate of growth in nearly seven years. That’s according to the S&P/Case-Shiller index, which is based on 20 metropolitan areas, not including Boise.
Data from the Intermountain Multiple Listing Service show single-family home prices in Ada and Canyon counties have appreciated at an even faster rate. The average home price in Ada County stood at $210,672 in February, a 14.6 percent increase from the year before. In Canyon County, the average home price was $121,867, a nearly 12.5 percent increase from February of 2012.
Of the cities included in the Case-Shiller index, Phoenix showed the greatest year-over-year improvement, with prices climbing by 23 percent. In San Francisco, prices rose by 18.9 percent.
The index is based on a three-month moving average. The Idaho-specific numbers above are based on a simpler comparison of monthly averages.