In a list of the Top 5 Strengthening Housing Markets Utah is ranked number 3! (Just behind Idaho and Arizona) While there is no single reason why housing markets in these 5 states have done so well, most have several things in common. Here is why Utah is number 3 in the United States...
#3. Utah1 yr. home price change: +9.3%
Median home price: $129,000
Unemployment rate: 6.0% (11th lowest)
The damage to the Utah housing market during 2007 to 2011 was worse than most states — home prices fell 21.6% over that period. That rate Utah 34th among all states based on that measurement. The recovery of the market is predicted to be particularly strong for the next several years, nearly as strong as the 9.3% jump in median home price from July 2011 to July 2012. Corelogic expects home prices to rise 5.8% from the first quarter of 2013 to the first quarter of 2014, which ranks it 10th among all states on that metric. Over the five years through the first quarter 2017, on a per annum basis, the improvement is forecast to be 3.9%, which ranks its 15th among states.
*If you would like more info on market trends in Utah give me a call at (435) 229-2365.
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