Do you hear that? Hummmmm. That’s the delightful sound of normalcy. Buyers are buying, sellers are selling, lenders are lending and builders are building. Sure, this varies from region to region and even city to city within a region or state, but by and large, things are returning to normal. All major indices showcase fairly robust price recovery. Consumer confidence isn’t what it could be, but it’s sufficient for now.
New Listings in the state of Utah increased 28.5 percent to 5,388. Pending Sales were up 6.6 percent to 3,200. Inventory levels shrank 0.7 percent to 20,203 units.
Prices got a lift. The Median Sales Price increased 12.4 percent to $208,000. Days on Market was down 19.6 percent to 60 days. Absorption rates improved as Months Supply of Inventory was down 11.4 percent to 5.9 months.
There’s some evidence that it’s not just first-time home buyers fueling the recovery. Move-up buyers are also pulling their weight. Some baby-boomers are ready to look for less space, nudging Junior out of the basement. The pizza boxes and late-night video games get old, plus there’s a fresh crop of buyers looking for a bigger space to raise their own little darlings.
Please click the following links to review real estate sales data for September: