The public has finally grown used to talk of a real estate market in recovery. With prices going up, people are starting to wonder if a new bubble is forming. Most metropolitan markets are somewhere between recovery and normalization. Supply is still tight but improving in some areas. What housing really needs is further job and wage growth to support healthy demand levels fueled by new household formations.

New Listings in the state of Utah increased 12.0 percent to 6,855. Pending Sales were down 0.5 percent to 4,284. Inventory levels grew 10.7 percent to 20,170 units.

Prices marched higher. The Median Sales Price increased 3.5 percent to $207,000.  Dayson Market was up 4.9 percent to 71 days. Absorption rates slowed as Months Supply of Inventory was up 3.4 percent to 5.9 months.

April’s job growth was above expectations. Growth is likely to accelerate through the year, but the types of jobs being created is also important. We’re producing more lowwage jobs as opposed to high-wage jobs. That’s not conducive to increasing the number of potential buyers. It also means less disposable income sloshing around. Even so, some local markets may pause but are unlikely to falter thanks to suppressed supply levels and an improving sales mix. Don’t confuse temporarily weak demand indicators for stagnation.

Cache County April Statistics

Rich County April Statistics

All Counties April Statistics

Additional reports, including a Monthly Indicators and Housing Supply Report, may be found on the Utah Association of REALTORS® website, or by clicking HERE.