BOISE-- A nationwide study shows home prices are on the rise, and in Idaho prices are climbing faster than other states.
The study done by CoreLogic compares home prices in July of 2011 to July of this year. Nationwide prices increased 3.8%. That is the biggest year-over-year increase since 2006.
Idaho home prices crept even higher than that, ending up with a 10% increase in home prices from July of 2011 to July of 2012. CoreLogic says Idaho is second best state for rising home values.
In the Treasure Valley, home prices have been increasing since the start of 2012. The President of the Ada County Association of Realtors, Kit Fitzgerald, says median home prices have gone up 25% since January.
"Everyone asks us all the time what the crystal ball is -- you know going forward, I think that has been my number one question for the last five years since the market turned," said Fitzgerald. "I would venture to guess that we are still going to see double-digit increases in median price.
Fitzgerald says it is hard to pinpoint exactly why prices are going up. However, she says three factors may be playing a part. Low interest rates have allowed more people to buy, inventory levels are dropping, and there aren't as many bank owned properties for sale.
CoreLogic believes home prices will continue to rise nationwide in August.
