Feb 21, 2014 at 11:50 am
A real estate trade group says the average value of homes sold last year in North Dakota topped $200,000.
The North Dakota Association of Realtors says that's up more than 20 percent.
North Dakota's robust economy lead by its soaring oil production in the western part of the state has resulted in record-high home prices and skyrocketing rental prices that reflect tight supply and strong demand.
Officials say home values have quadrupled in some areas since the state's oil boom began a few years ago.
The average sale prices in greater Grand Forks jumped more than 17-thousand dollars in 2013. According to the Grand Forks Board of Realtors the going rate was $198,500 last year.
North Dakota Finance Agency Executive Director Jolene Kline says the lack of affordable housing for seniors and low-income North Dakota residents has swelled well beyond the state's oil-producing areas.
ap / knox