Utah's Improving Housing Market
UTAH Housing Market is About to Boom
I get surprised reactions from many people when I tell them that our Real Estate Market in Utah is strengthening and that we are going to see prices start to rise in the near future.
Here are some of the facts:
1- Housing inventory is down 24% from last year at this time
2- There is a 7.2 months worth of inventory down from 11 months last year, it is considered a stable market when we get to 6 months of inventory
3- It is projected that homes will start going up by year end as much as 2%, and a 7% increase in 2013
4- Utah's unemployment rate is down to 5.7%
5- Large employers are hiring thousands this year, such as Adobe, Ebay, NSA, etc
6- Interest rates are at the lowest they have ever been in US history
I had many people ask me through the years when the bottom was going to be here so they could buy at the bottom of the market. Well I think the bottom is here and I personally think that this may be the best time to buy a home that we may see in the rest of my lifetime.
Richard Stringham, Broker
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