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North Dakota home prices soar with oil boom

BISMARCK, N.D. (AP) - 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 compared to 2011.

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.

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.

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