Markets across the nation seem to be back on the recovery track after a brief pause. One of the more encouraging aspects of this renewed recovery is that new construction of single-family homes reached six-year highs in August, according to the U.S. Commerce Department. Consumers are also finding more listings in their search results than they have in years. Inventory is rising in many neighborhoods as higher prices have motivated more sellers to list.

New Listings in the state of Utah increased 5.0 percent to 5,511. Pending Sales were up 19.2 percent to 3,712. Inventory levels fell 2.1 percent to 21,121 units.

Prices were fairly stable. The Median Sales Price increased 0.5 percent to $210,000. Days on Market was up 7.6 percent to 64 days. Sellers were encouraged as Months Supply of Inventory was down 2.9 percent to 6.2 months.

The departure of investors from the scene should benefit first-time homebuyers, but student debt and sluggish wage growth have slowed that transition. The economy is growing, but it’s growing at a slower pace than desired. Thankfully, inflation remains tame, partly enabling the Federal Reserve to keep rates low for longer, contrary to the forecasts of most economists.




Additional reports, including a Monthly Indicators and Housing Supply Report, may be found on the Utah Association of REALTORS® website, or by clicking HERE.