Posted at: 09/28/2012 7:35 AM
Survey Shows Iowa Farmland Prices Up 7.7 Percent
DES MOINES, Iowa (AP) - The damaging drought apparently hasn't dried up demand for farmland in Iowa, where prices continue to soar.
A new survey by the Iowa Farm and Land Chapter of the Realtors Land Institute says farmland prices have risen an average of 7.7 percent since March and 18.5 percent in the past 12 months to hit nearly $7,900 an acre.
The institute surveyed 300 of its members.
The institute's Kyle Hansen says much of the increase in demand has come since July, when the severe drought became apparent in Iowa and much of the Midwest.
Realtors say high corn and soybean prices, relatively low interest rates and the lack of land for sale helped lift prices.
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