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2018-02-16 11:48:32
Housing Bubble in Utah?

Is Utah in a Housing Bubble?

According to the Salt Lake Board of Realtors, 2017 was the third best year in single family sales and the biggest year ever for multi-family sales (condos, town and twin homes). The median sales price of a single family home increased 10% last year to $325,000 and multi-family prices were up 11%. Buyers are currently facing a shortage of homes available to buy due to the increased net migration and employment growth in Utah. With property prices increasing by 50% in the last six years, we are often asked, 'Is this a housing bubble?' Fortunately, the answer is no, due to a number of reasons provided by economist, James Wood, Ivory-Boyer Senior Fellow at the University of Utah. Wood spoke at the Salt Lake Housing Forecast in January. When housing prices declined in 2008, the economic conditions were quite different. Lending requirements are now stringent compared to 2008 and there is no non-FHA subprime secondary market. In addition, household debt has not ballooned, there are fewer foreclosures, owners have gained equity, unemployment is at an all time low, and job growth in Utah is one of the best in the country. So what can we expect for 2018? Wood forecasts that due to both household and net in-migration growth, strong demand for real estate will continue, with prices increasing 7-8% this year. Most experts agree that interest rates will increase but will stay below 5 percent. For more information, see https://slrealtors.com/wp-content/uploads/2018/02/2018-Housing-Forecast-Report-1.pdf

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2018-02-16 11:48:32
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Kerri Webber, Realtor/Interior Designer
(801) 808-0620 Mobile