Home price increases in Idaho tops in U.S.

Bad news for potential homebuyers in the U.S.: The average price for single-family homes has increased by 12.4% in the last year.

Between record-low interest rates and pandemic-related shifts, the US faces a housing crisis that can be summed up by increased demand and low inventory.

Move.org dug into the data to find how much housing prices have increased in each state this year by using the Zillow Home Value Index.

According to recent data, Idaho ranked #1 for the largest increase in home prices in America. The average single-family home in Idaho now costs $389,218, a 27.80% increase from the previous year’s.

Check out how your state compares to the rest of the nation here: https://www.move.org/home-prices-increase/

Key findings from the report:

A total of 38 states faced single-family home price percentage increases in the double digits, and three states faced an over 20% increase: Idaho, Arizona, and Utah.

Some western states and states on the East Coast saw some of the highest increases, but Idaho’s single-family home prices increased the most by 27.8% year over year.

Only 13 states managed to keep housing price increases under 10% year to year; only three states saw less than 5% increases: Alaska, North Dakota and Wyoming.