Even while the pace of home price acceleration normalizes, housing has shown recent signs of ongoing strength. Both housing starts and future building permits are on the rise nationally. Inventory levels are increasing in most metro areas, driven higher by rising prices and more confident sellers. Homes are still selling quickly and for close to or even above list price.
New Listings in the state of Utah increased 7.9 percent to 5,692. Pending Sales were up 25.0 percent to 3,815. Inventory levels fell 5.6 percent to 20,450 units.
Prices continued to gain traction. The Median Sales Price increased 5.4 percent to $217,060. Days on Market was up 8.6 percent to 68 days. Sellers were encouraged as Months Supply of Inventory was down 7.1 percent to 5.9 months.
Interest rates remain attractive, even as Federal Reserve banter is finally hinting that quantitative easing is reaching its fateful conclusion. Capital markets have exhibited some volatility, but ultimately it’s all about earnings and growth, and corporate earnings have been encouragingly strong, while private job gains have recently exceeded expectations.
Additional reports, including a Monthly Indicators and Housing Supply Report, may be found on the Utah Association of REALTORS® website, or by clicking HERE.