The Office of Federal Housing Enterprise Oversight (OFHEO) released it’s report about real estate appreciation today and Salt Lake ranks fifth in the nation with a third quarter appreciation of +2.44%, a year-over-year increase of +13.37% and a 5 year appreciation of +60.17%.
Some people think since we aren’t breaking records right now the market must be bad, but in Salt Lake City we’re back to a normal market- other than having so much frickin’ inventory on the market. But good news- the number of active listings on the market actually started to go down a few weeks ago and has continued- finally!
Provo ranks #2, Logan ranks #11, Ogden ranks #4, and Salt Lake City ranks #5 in the report.
From the MSN report:
Prices are still rising in many areas. Texas, North Carolina, Washington and Utah put four cities from each state making the 20 best-performers list.
City rankings are listed by metropolitan areas. The OFHEO’s House Price Index is published on a quarterly basis and tracks average house-price changes in repeat sales or refinancings of the same single-family properties. The index is based on analysis of data obtained from Fannie Mae and Freddie Mac from more than 30 million repeat transactions over the past 30 years.
Although there are still 1000 homes selling every month in SL county, pent-up demand caused by many buyers waiting and watching, along with our incredibly strong local economy and record-low unemployment should fuel a healthy housing market in Salt Lake again next year.