Utah Real Estate Prices Continue Hot Streak

     hydrant.png

According to the Office of Federal Housing Enterprise Oversight (OFHEO), Salt Lake City ranked fourth in the country for appreciation last year with home prices rising 19.8%. Following only Bend, Oregon (21.4%), Wenatchee, Washington, and Salt Lake’s southern neighbor, Provo-Orem (19.9%).

The Salt Lake Tribune  published an article today about the rising home prices, stating, “Utah’s home price appreciation, the worst in the country just three years ago, is now the best nationwide.”

              utahprices.png

Nationally, home prices rose  5.9% during that time period, while all of Utah’s major metropolitan areas posted major gains in the past year. And it’s not only sales prices that have been strong, but time on market has been great, with well-priced homes moving fairly quickly, and over-priced homes not selling. This tells me that the market is not inflating itself, but is being driven by healthy factors, such as jobs and demand.

Also from the article;

Much of Utah’s current real estate boom has to do with the state’s strong job market, said Andrew Leventis, economist with Office of Federal Housing Enterprise Oversight. Job growth in the state, among the highest nationally, is expected to continue strong through this year and next. “Employment and house prices are closely linked,” Leventis said. Another factor in Utah’s favor is affordability. Utahns struggling to afford a home may think otherwise, but Utah still has “fairly affordable housing,” Leventis said.

The Salt Lake real estate market should remain strong for the next few years with the continued job and population growth and the influx of buyers from out of state. One reason I feel good about the growth in the northern Utah market is the fact that the appreciation rate is under 20%, meaning it is not rising too much too fast, which would make it unsustainable. This year the local market should appreciate 10-12% and that is about as good as it gets.

Advertisements

3 thoughts on “Utah Real Estate Prices Continue Hot Streak

  1. Pingback: Real Estate Blogging » Blog Archive » Utah Real Estate Prices Continue Hot Streak

  2. I work for the Utah based company Real Estate Promoter. We build, host and market websites for real estate agents throughout the nation. We have seen a huge boom with our Utah clients specifically in the last 6 months. I can tell you that from what we have been experiencing those numbers seem spot on. We have seen increases in other states as well, but Utah seems to be the top state at the moment. Those statistics are real, I’ve seen the results myself.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s