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Wall Street Journal notes 'red hot' Boise housing market

The housing crunch in Boise is getting more national attention.
Credit: KTVB
File image of house for sale

BOISE, Idaho — The housing crunch in Boise is getting more national attention. 

According to the Wall Street Journal, "small to midsize cities" like Boise, South Bend, Ind.; Columbia, Mo.; and Youngstown, Ohio have enjoyed a sustained boom for home sales. 

In fact, only ten out of 178 metropolitan areas saw double-digit annual price increases, the Wall Street Journal reported.

RELATED:  Ada County median home prices set another record in June

But the article notes that in the areas experiencing high market growth, the price of housing is outstripping local wages.   

"Many Midwestern markets have heated up so quickly they are now experiencing some of the downsides of a hot market: shortages of inventory and rising prices that are blocking first-time buyers from entering the market," the article reads.

Boise Regional Realtors says the median home sale price in Ada County increased to a record of $354,405 in June. That's 10% higher than the median price is June 2018, just one year earlier. 

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According to an estimate by the U.S. Department of Housing and Urban Development, the Boise metro area - which they measure as including Ada, Canyon, Gem, Boise, and Owyhee counties - needs to add nearly 20,000 single-family homes and apartment units by 2021 to keep pace with demand.

Read the full Wall Street Journal story here.

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