Posted at: 09/19/2013 11:51 AM
WATERLOO, Iowa (AP) - Iowa's farmland values continue to increase, with the latest survey showing average prices climbing by 20 percent to $8,400 an acre.
The Waterloo-Cedar Falls Courier reports the U.S. Department of Agriculture survey finds that Iowa's agricultural real estate values grew more sharply than all nearby states except North Dakota, where an energy boom has led to a big jump.
Iowa's 20 percent increase compared to a national farmland value rise of 9.4 percent.
The survey compared prices from August 2012 to August 2013.
Iowa State University economics professor Michael Duffy credits the land value rise to increased farm income. He says big increases started in 2007 when corn and soybean prices climbed and remained at higher levels.
Information from: Waterloo-Cedar Falls Courier