Utah Housing Market Among Nations Best

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After ranking dead last three years ago (thanks to the appraisers), Utah now ranks second in the nation in appreciation rates, reports the Salt Lake Tribune today. The November 30, 2006  report comes from the Office of Federal Housing Enterprise Oversight, which also shows that urban areas of the state have increased about 40% in the last three years,  rural areas have appreciated over 50%.

In the last two quarters of 2006, Utah ranks as the top state for appreciation at 10.1%.

Top Ten States for Appreciation

1 Idaho- 17.5%

2 Utah- 17.4%

3 Oregon- 17%

4 Arizona- 16.4%

5 Washington- 16.4%

6 Florida- 15.1%

7 Wyoming- 14.3%

8 New Mexico- 14.1%

9 Hawaii- 13.3%

10 Maryland- 13.1%

The bottom 5 states (including District of Columbia) are:

51 Michigan- -0.55%

50 Ohio- 1.02%

49 Massachusetts- 1.11%

48 Indiana- 2.33%

47 Nebraska- 3.22%

Of the top Metropolitan areas in the country, Utah has three cities in the top 50

St. George ranks #9 with 20.58% appreciation

Salt Lake City ranks #10 with 20.43% appreciation

Provo/Orem ranks #18 with 17.55% appreciation

Topping the list is Bend, Oregon with 30.37%, followed by Boise, Idaho with 26.48% and Biloxi, MS with 23.26%.

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3 thoughts on “Utah Housing Market Among Nations Best

  1. Also in the same Tribune article:
    “Don’t count on it (continued appreciation), says Salt Lake City real estate agent Bob Plumb. The market already is softening, Plumb said, and while some of the slowdown is seasonal, sellers aren’t as brazen as they were six months ago.
    “Sellers used to just add 5 to 10 percent onto the value and get it,” Plumb said. “Now pricing is a little more critical.” ”

    Is there going to be a small, medium, or large downward price correction in the SLC Real Estate market? Or do you think SLC will be different than other markets in the country?

  2. The softening of the market right now is seasonal,- with the holidays and colder weather we see a decline in the amount of home sold.

    This is expected, but Salt Lake will have a continued strong market next year with all the jobs and growth in the area.

    The market has also picked up again since Thanksgiving, with our listings being shown more. We have put about ten listings under contract in the last week or so. And most of our listings are selling for full price. Two had multiple offers within the first couple days of going on the market.

    Salt Lake was very undervalued two years ago and has seen a strong, steady appreciation since, but much of it was a correction and the rise in values has been around 20%, not the 50% seen in areas that are now deflating, like Vegas, parts of CA, and Florida.

  3. Timmoni: congratulations on being completely wrong. You’re a champion. My condo in Salt Lake has appreciated 40% in the last year. Ha. Maybe you should change jobs… but not to anything requiring business sense.

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