The curtain closes and the first half of 2015 is a finished act. Monthly market analysis helps nudge the real estate story forward for a final bow. The orchestra (consumers) and conductor (the REALTOR®) are thanked. Metropolitan operas, er, markets across the country continue to improve and further perform at peaks not seen in years. Bad memories from that one lousy show known as the Great Recession are pushed even further into the past.
New Listings in the state of Utah increased 3.8 percent to 6,698. Pending Sales were up 24.2 percent to 4,991. Inventory levels fell 20.5 percent to 18,083 units.
Prices continued to gain traction. The Median Sales Price increased 9.8 percent to $236,000. Days on Market was down 14.9 percent to 53 days. Sellers were encouraged as Months Supply of Inventory was down 31.6 percent to 4.6 months.
Having six months of 2015 data in the books is great, but it is still just intermission at this halfway point of the year. Forecasting market trends can be as dicey as the weather, but with interest rates managing to remain low into the summer months, the outlook is promising, even if rates go up later in the year. Metrics like inventory and percent of list price received at sale are two of the
better understudies to watch this year.
Additional reports, including a Monthly Indicators and Housing Supply Report, may be found on the Utah Association of REALTORS® website, or by clicking HERE.