Utah Housing still booming
According to the Salt Lake Tribune Utah housing is still doing well.
Utah’s home price appreciation, the worst in the country just three years ago, is now the 10th best nationwide.If you found this post helpful, consider donating to my coffee fund!
Home prices statewide rose 15.2 percent in the year that ended in June, according to a report released Tuesday by the Office of Federal Housing Enterprise Oversight, a government agency that tracks housing values nationally. Utah moved into the top 10 from No. 15 in the agency’s last report three months ago.
Nationally, home prices rose only 10.1 percent in the year that ended in June, reflecting a downturn seen in markets throughout the country that experienced a rapid run-up in prices in the past several years.
Salt Lake City economist Jeff Thredgold, a Zions Bank consultant, believes Utah may be ranked sixth or seventh in home price appreciation by the end of the year.
He attributes that rosy outlook to Utah’s strong economy, which continues to outperform much of the rest of the country.
In addition, “Home prices are still reasonably cheap here, compared with neighboring states,” he said, which tends to fuel investment in the area.
That said, he expects appreciation along the Wasatch Front to kick down into the 8 percent to 12 percent range next year.
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