The U.S. economy has been pretty even so far this year. Usually when new figures are released, they paint a pretty picture worthy of putting above the fireplace in that purchased new home. Recently, some numbers for the first quarter were adjusted to show a slight contraction in the economy. The initial response from Wall Street was unfavorable, but the correction itself is truly a
mere blip. Nobody is predicting that the market will take a sudden turn.
New Listings in the state of Utah increased 0.5 percent to 6,624. Pending Sales were up 25.7 percent to 5,109. Inventory levels fell 19.3 percent to 17,815 units.
Prices continued to gain traction. The Median Sales Price increased 7.0 percent to $230,000. Days on Market was down 17.9 percent to 54 days. Sellers were encouraged as Months Supply of Inventory was down 28.9 percent to 4.6 months.
One interesting effect of a weaker-than-expected economy is that the Federal Reserve does not seem ready to raise short-term interest rates during summer, as some had suggested might happen. New projections indicate that rates will remain the same until September at the earliest. The dominant storylines in housing are decidedly not negative these days. Instead, you’re more likely to see
top sales and luxury living highlighted than the woes of foreclosures and short sales.
Additional reports, including a Monthly Indicators and Housing Supply Report, may be found on the Utah Association of REALTORS® website, or by clicking HERE.