As we turn the page to the second quarter of 2015, a proliferation of new listings is expected in most markets across the U.S. Spring is traditionally the commonplace time of the year that we see some of the most desirable gems polished for eager buyers. Though some Google searches and Twitter posts will blatantly offer pessimism about the state of the housing market, on-the-street evidence does not support bad tidings.
New Listings in the state of Utah increased 0.2 percent to 6,776. Pending Sales were up 22.4 percent to 5,117. Inventory levels fell 17.3 percent to 17,584 units.
Prices continued to gain traction. The Median Sales Price increased 7.1 percent to $223,900. Days on Market was down 13.0 percent to 62 days. Sellers were encouraged as Months Supply of Inventory was down 25.7 percent to 4.6 months.
The national homeownership percentage is the lowest since 1993, when Jurassic Park was the highest-grossing movie. Rental prices continue to astonish with accelerated price growth, which may cause some to think twice before locking in a 12-month lease. Lending practices and mortgage rates will also have a decided effect on the number of buyers who will become homeowners this year. With the release of Jurassic World this month, we are reminded of cyclical conversations in both real estate and moviemaking.
Additional reports, including a Monthly Indicators and Housing Supply Report, may be found on the Utah Association of REALTORS® website, or by clicking HERE.