Welcome to the MyUtahHomesForSale.com Blog

2012-05-07 09:53:23
Rising Housing Market in Utah

According to the chief economist for the National Association of Realtors, Lawrence Yun, Utah's housing market is on the road to recovery. During the sub-prime mortgage boom, no document loans were handed out to any takers. As the country experienced a financial crisis and housing prices dropped precipitously credit tightened and prospective buyers are had a hard time getting a home loan. Yun says that the tightening is bound to ease up which will create as much as a 20% rise in home sales. Housing prices have been slowly rising and the expectation is for a leap this year as historically low mortgage rates create growth opportunities in certain markets. Utah is one of those markets, which has seen home sales rise 5%, 6%, and 9% from 2008-2010. As credit conditions more conducive to a strong housing market emerge, this will only amplify the housing recovery in Utah.

According to a Forbes' The Best Cities To Buy A Home Right Now list, important vital signs are showing that the Utah housing market is on the rebound. The median list price for houses in Salt Lake City is up 5.5% year over year to $195,000. Less houses are on the market as well; foreclosures that dilute the market and drive down home prices are on the decline. The inventory level in Salt Lake City is down 31% year over year. The flagging effect of foreclosures stagnating the market is also seen in the 13% year over year drop in median days on the market, which currently stands at 90 days for the area. On a more general economic level, the unemployment level in Salt Lake City is 5.9%, well below the national average of 8.2%. The Mountain West area, as a whole, including Utah, is seeing conditions improve faster than the nation. Population growth is opening up opportunities in the housing markets of the area. In Utah programs for offering down payment assistance and community second mortgages make the state an attractive area for first-time buyers or those looking to relocate to an area with better economic conditions. More programs that portend Yun's call of an easing of home credit will only help the Utah housing market rebound even faster.
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