Time will tell if the recent Federal Reserve rate increase adversely affects housing markets. Since the increase was widely anticipated in a much-improved economy, overly negative reactions are not anticipated in 2016. Rates are still very attractive. For the 12-month period spanning January 2015 through December 2015, Closed Sales in the state of Utah were up 15.6 percent overall. The price range with the largest gain in sales was the $300,001 to $500,000 range, where they increased 34.6 percent.
The overall Median Sales Price was up 6.3 percent to $228,500. The property type with the largest price gain was the Single-Family segment, where prices increased 7.0 percent to $242,900. The price range that tended to sell the quickest was the $150,001 to $200,000 range at 46 days; the price range that tended to sell the slowest was the $750,001 and Above range at 104 days.
Market-wide, inventory levels were down 23.5 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 22.9 percent. That amounts to 3.4 months supply for Single-Family homes and 2.8 months supply for Townhouse-Condo.
Additional reports, including a Monthly Indicators and Housing Supply Report, may be found on the Utah Association of REALTORS® website, or by clicking HERE.