Some have noted a slight pause in the housing recovery this year. The American Dream of homeownership is alive and well, but it must still contend with market fluctuations. Buyers need homes for sale if they’re expected to buy said homes. They also need reliable financing, better jobs and stronger wage growth. The opportunities are out there. Now we
need people to take advantage of them.
New Listings in the state of Utah decreased 0.4 percent to 6,719. Pending Sales were down 2.5 percent to 4,165. Inventory levels rose 8.5 percent to 20,916 units.
Prices forged onward. The Median Sales Price increased 2.4 percent to $215,000. Days on Market was down 0.2 percent to 66 days. Absorption rates slowed as Months Supply of Inventory was up 4.0 percent to 6.2 months.
We’ve had a mixed bag of economic news lately. As expected, national GDP contracted slightly during Q1-2014, which most economists attribute to impermanent factors like the harsh winter. We’ve now had more than four straight years of monthly private sector job growth. It hasn’t been extraordinary growth, but it sure beats mass layoffs. Buoyed by an improving sales mix, home prices continue their ascent despite erratic demand indicators. More inventory, more high-skilled job growth, and less economic and political uncertainty are still top priorities.
Additional reports, including a Monthly Indicators and Housing Supply Report, may be found on the Utah Association of REALTORS® website, or by clicking HERE.