The third quarter of 2015 has ticked its last tock with the hands pointing firmly upon a reliable clock of a market. Although noon and 6:30 fluctuations are present even within the same states and cities, the overall tempo of real estate potential is experiencing a healthy number of good omens. The job market has shown continual improvement, jobless rates are down, real average hourly and weekly earnings have been up and there has been good news in new household formation.
New Listings in the state of Utah increased 5.3 percent to 5,670. Pending Sales were up 15.7 percent to 4,210. Inventory levels fell 20.3 percent to 17,928 units.
Prices continued to gain traction. The Median Sales Price increased 9.5 percent to $230,000. Days on Market was down 17.2 percent to 53 days. Sellers were encouraged as Months Supply of Inventory was down 32.3 percent to 4.4 months.
With positive economic news coming from many angles, there are no imminent factors to prepare for beyond the typical seasonal drop-off. From the mouths of market-analyzing pundits, we are in the midst of one of the healthiest housing markets in the past 15 years. The one thing we were anticipating in September, an increase in interest rates, did not happen. It most likely will before year’s end. Until then, get out and enjoy the season.
Additional reports, including a Monthly Indicators and Housing Supply Report, may be found on the Utah Association of REALTORS® website, or by clicking HERE.