During this year’s spring refresh, seller activity is the first item on the watch list. Low inventory has been a national headline grabber, and many are eager to see if this is the year that brings a bevy of new properties to market for ready-to-buyers. Investor activity and cash purchases should be monitored, as well, along with any increases in new construction. And although interest rates are up from their all-time lows, borrowing costs are still remarkably affordable. It’s cheaper to own than to rent in most of the country.
New Listings in the state of Utah increased 12.5 percent to 6,528. Pending Sales were up 3.0 percent to 4,037. Inventory levels grew 9.0 percent to 19,351 units.
Prices marched higher. The Median Sales Price increased 7.3 percent to $209,450. Days on Market was down 1.9 percent to 76 days. Absorption rates slowed as Months Supply of Inventory was up 0.6 percent to 5.7 months.
Consumers are in better shape for the current financial landscape, just in time for the primary home-buying season. Along with an uptick in consumer confidence, GDP growth was revised up to 2.6 percent by the Commerce Department. Consumer spending has risen and claims for unemployment benefits have decreased. Economic health fuels housing market growth. Employed, confident people with rising incomes tend to purchase real property.