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Census data:
What counties grew the most in Utah in 2022?

March 30, 2023

SALT LAKE CITY — A new county emerged as the fastest growing in Utah, according to new population estimates data released by the U.S. Census Bureau.

Tooele County, at 4.2%, led all 29 of the state’s counties in percentage growth between July 1, 2021, and July 1, 2022, besting Daggett County’s 3.8% increase, according to the bureau’s Vintage 2022 estimates. Utah County, which led the state in that category in the 2021 report, retained its title as the state leader in absolute growth, adding over 16,000 new residents to push the countywide estimate over 700,000 people for the first time.

The report adds that Salt Lake County remains Utah’s most populated county with nearly 1.19 million residents, even though it was one of only three counties to lose residents last year. However, local experts say that differences in how the Census Bureau and how the Utah Population Committee calculate data may explain why the trends are vastly different from a state report that came out in December.

Utah’s growth in 2022

The Census Bureau initially reported in late December that Utah’s growth slowed down a bit in 2022. The Beehive State gained about 41,687 residents from July 2021 to July 2022, a 1.2% increase. That was enough to land 10th in percentage increase among the 50 states. Utah led the country in percentage growth between the 2010 and 2020 censuses and placed second in the 2021 estimate.

Utah counties cracked the top 10 in either absolute or percentage growth this year, according to the report. Tooele County’s 4.2% jump was no match for Whitman County in eastern Washington, which rose 10.1% over the past year. Daggett (3.8%), Iron and Washington (3.2% each), and Juab (3.1%) counties rounded out Utah’s top five.

Utah County’s absolute growth of 16,628 people helped its population grow by 2.4%. Washington (6,204), Tooele (3,200), Weber (2,973) and Cache (2,744) counties rounded out the top five, according to the Census Bureau.

“Even though the growth has slowed a little bit, we still have the same trend of Utah County and Washington County really driving the statewide growth,” said Emily Harris, a senior demographer at the University of Utah’s Kem C. Gardner Policy Institute, as she reviewed the data. “Those two counties account for more than half of the statewide growth, so those are counties that we’re always watching.”

While the growth slowed down a bit, 25 of Utah’s 29 counties, or 86%, experienced natural increases, meaning more babies were born than people who died. That bucks a national trend, where nearly 3 out of every 4 U.S. counties ended up with natural decreases in 2022.

Utah County’s natural increase of 8,662 is the highest among Utah’s counties but nowhere near Harris County, Texas’s 2022-leading natural increase of 30,117. Carbon, Emery, Garfield and Piute counties all had natural decreases; however, the total decline there was only 61 people among the four counties combined.

What’s the ongoing deal with Salt Lake County?

The Census Bureau data indicates that growth in Salt Lake, Utah’s most populous county, is stagnant. It listed the county’s population at 1,186,257, down 183 people from the 2021 estimate. It finds the county’s natural increase of nearly 7,000 people was wiped out by more people moving out than moving in, otherwise referred to as net migration.

That’s contrary to the Utah Population Committee report, which found that Salt Lake County gained nearly 10,000 residents in 2022, reaching 1.2 million overall. The two sides also found different trends in their respective 2021 reports.

So, why are these numbers so widely different?

It goes into how both estimates are calculated. Both methods take a population base and use available data to determine natural increase and net migration to come up with a new population base; however, they use different statistics to get these numbers.

The Census Bureau’s report uses a mix of different National Center for Health Statistics reports to come up with an estimate on births and deaths. It primarily relies on Internal Revenue Service, Medicare enrollment and Social Security Administration information to piece together migration estimates.

The Utah Population Committee sprinkles in other readily available datasets like building permits and student enrollment information. It’s more detailed — and possibly more precise — because the committee only has to track 29 counties, not the more than 3,000 that the Census Bureau tracks, Harris explained.

She added that they’ve spoken with experts in other U.S. counties, such as King County in Washington, who have also spotted discrepancies in local and federal data.

“They have to do more of a one-size-fits-all approach; whereas the Utah Population Committee, we tend to use more local data and we have local data experts who can help provide context for what we’re seeing in the data,” she said. “We have a lot of confidence in the (committee) estimates for Salt Lake County.”

It’s not just Salt Lake County that the two sides don’t agree on: The Utah Population Committee’s 2022 estimate is almost 20,000 higher than the Census Bureau’s estimate. Had the two agreed, Utah would have tied Idaho for third in percentage increase growth.

Source: KSL.com, “Census Data: What counties grew the most in 2022?” March 30, 2023

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Utah’s Population Growth Ranking in Census Report

Utah’s population isn’t just growing by leaps and bounds percentage-wise, but new data from the U.S. Census Bureau shows Utah’s counties/metro areas are now starting to have the largest numeric growth in the nation.

Click HERE to read the full report.

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“The price momentum will
trend lower, but another
year of double-digit
increase is likely.”

To read the full 2022 Housing Forecast Report, click here.

Source: Salt Lake Board of Realtors®, January 2022.

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December Prices Set New Monthly Record

The median single-family home price in Salt Lake County climbed to $575,000 in December, a new monthly high and 28% higher than prices a year ago. Multi-family home prices also set a record in December, rising to $405,500, a 22% increase from December 2020. A new report by the Salt Lake Board of Realtors® projects that single-family home prices in 2022 will reach $600,000, a 12% increase over the 2021 median home price.

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Wasatch Front Home Prices – 2020 v. 2021

The percentage of Wasatch Front homes selling below $500,000 fell to 62% in 2021, a dramatic decline from 2020 when 81% of home sales were below the half-million-dollar mark. Homes selling from $500,000 to $999,999 increased to 34% of market share, up from 17% in 2020. The share of million-dollar home sales increased to 4% of overall sales, up from 2% in 2020. The 2021 Utah housing market will be long remembered for its record-breaking price increases. Statewide, housing prices increased by 27%, shattering the 43-year-old record of 20.1% set in 1978.

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Here Are the Top 10 Towns Where First-Time Buyers Can Finally Snag a Home in 2022

Since the COVID-19 pandemic began, the American dream of homeownership has felt more and more out of reach for many first-time buyers experiencing sticker shock over the high—and still rising—prices.

The Realtor.com® economic research team found the best real estate markets for first-time homebuyers for 2022—places where it’s a bit easier for typically younger, more cash-strapped buyers to become homeowners in areas they would likely want to live in. These towns and small cities tend to be a bit more affordable and offer more homes for sale as well as boast plenty of younger millennial residents, job opportunities, and places to go for dinner or a drink.

These places tend to be suburbs of larger cities, some farther out in more rural areas, where real estate is more affordable.

To compile this list, the team focused on housing affordability (specifically the ratio of list prices to the incomes of 25- to 34-year-olds in the city); availability of homes for sale (measured by the number of active listings per 1,000 households), and forecasted home sales and price growth in 2022 in the metropolitan areas. The latter is a good indicator that homes will appreciate over time.

In addition, these places all have plenty of younger residents (higher percentage of 25- to 34-year-olds compared with the local population); lower unemployment rates in the metro and commute times to work; and plenty of things to do as measured by the number of restaurants and bars per 1,000 households.

The team looked only at towns and cities in the nation’s 100 largest metropolitan areas. (Metros include the main cities and surrounding towns, suburbs, and smaller urban areas.) Only one place per state was included to provide geographic diversity.

So where exactly are odds tilting a bit more in favor of first-time homebuyers?

1. Magna, UT

Metropolitan area: Salt Lake City, UT
Median home list price: $355,000*
Forecasted price growth in 2022: 8.5%

It’s no secret why Magna topped our list: It offers homebuyers a great location just 15 miles southwest of popular Salt Lake City—at a surprisingly attractive price. While the median-priced home costs $367,900 in the more rural Magna, which boasts a historic downtown, list prices were a hefty $485,000 in Salt Lake City in November, according to the most recent Realtor.com data.

The town may not be the most popular in the area, but its prices are attracting first-time buyers on a budget who can’t afford Salt Lake City as well as Californians and other out-of-staters looking for deals.

Magna is close to the airport and less than an hour away from some of America’s best skiing. The town is home to the Great Salt Lake State Park, the largest saltwater lake in the Western Hemisphere, and the Empress Theatre, a century-old theater that hosts local productions. It’s also in an up-and-coming jobs center.

“We’re pricing people out of the more desirable locations, and it’s making cities like Magna shine a little more,” says Carson. Especially for “first-time homebuyers, families just starting out, where their price range isn’t allowing them to purchase in other areas.”

Most of the homes in Magna are bungalows built in the 1950s and 1960s with anywhere from 1,800 to 2,200 square feet of living space. They are typically three-bedroom, 1.5-bathroom homes with a garage on about a fifth of an acre. This updated two-bedroom, one-bathroom cottage is on the market for $345,000.

Buyers willing to spend a bit more can score new construction, including this four-bedroom, 2.5-bath home with more than 3,700 square feet of living space for $596,195.

2. Chalco, NE

3. Mauldin, SC

4. Beech Grove, IN

5. Portsmouth, VA

6. Cottage Grove, WI

7. Grimes, IA

8. Kuna, ID

9. Ferndale, MI

10. Maitland, FL

To read the full article, click here.

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A change to 2022 home loan limits will go a long way in helping home buyers who are dealing with the price increases of the past year.

The Federal Housing Finance Agency (FHFA) announced that the cap for conventional loans will increase substantially in 2022. This change will help home buyers secure mortgages at the lowest rates.

Click here for full article.

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Have house prices finally peaked?
2 Utah cities have hit ‘inflection point,’ study says

December 19, 2021

SALT LAKE CITY — As home prices have continued to rise across the country, especially in the West, a new study suggests prices are “poised to flatten” in five of the “most overvalued markets” in the nation.

Those markets include two cities in Utah and several other metros in Idaho, Texas and Arizona.

That’s according to research released this month by professors at Florida Atlantic University and Florida International University.

Where are home prices peaking?

“A pricing ‘crown’ is developing in the five most overvalued markets: Boise, Idaho; Austin, Texas; Ogden and Provo, Utah; and Phoenix,” a Florida Atlantic University article published Dec. 2 states. “That’s an indication that home values in those areas may be leveling off.”

“A crowning in prices is common when markets reach the peak of their current housing cycles,” said Ken H. Johnson, a real estate economist and associate dean at Florida Atlantic University’s College of Business, one of the researchers who conducted the study. “It does appear that several areas around the country are at an inflection point.”

In September, researchers at Florida Atlantic and Florida International universities ranked Boise as the nation’s No. 1 “overvalued” housing market, calculating the premium homebuyers were paying in the 2021 market at 80.6%.

Three Utah cities and other Western metros ranked close behind Boise. Here’s how the top 10 rankings most recently broke out, according to the university’s online tool.

Boise, where homes are selling at an 80.51% premium.
Austin, Texas, at a 57.13% premium.
Ogden, at a 54.46% premium.
Provo, at a 49.18% premium.
Phoenix, at a 48.94% premium.
Spokane, Washington, at a 47.61% premium.
Las Vegas, at a 47.42% premium.
Detroit, at a 47.28% premium.
Salt Lake City, at a 47% premium.
Atlanta, at a 45.17% premium.

“The danger in buying into an overvalued market is that you may have to own the home longer to realize significant financial returns,” said Eli Beracha, a real estate professor for Florida International University. “Once prices level off, reselling the property for a higher return is very difficult.”

2022 housing market predictions

Even though the research out of Florida may give those aspiring to buy a home in the West hope, other predictors don’t see some Western markets slowing down headed into 2022. The site Realtor.com recently ranked Salt Lake City as the No. 1 housing market positioned for growth in 2022, forecasting the metro to see a 15.2% year-over-year sales growth and an 8.5% year-over-year increase in prices. Boise projections ranked close behind Salt Lake City with a forecasted 12.9% in year-over-year sales growth and 7.9% in year-over-year price growth.

That’s even though Utah and Idaho have already faced record-shattering years as the West’s housing market continues to rage. In Utah, experts have warned of a “severely imbalanced” housing market as demand continues to woefully outpace supply.

Though the housing market has cooled slightly headed into the fall and winter — a typical seasonal pattern — housing experts do not predict a market crash or see any indicators of a “bubble” in today’s market conditions. Unlike what led up to the 2007 market crash spurred the Great Recession — when the U.S. had overbuilt housing and lending practices leading to a subprime mortgage crisis — housing experts say demand continues to outpace supply, especially in rapidly growing areas like Utah, Idaho and other Western states.

Source: https://www.ksl.com/article/50312592/have-house-prices-finally-peaked-2-utah-cities-have-hit-inflection-point-study-says

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The Realtor.com® data gurus have crunched the numbers to forecast which housing markets will generate the most heat in 2022. These 10 towns are where we predict prices and the number of home sales will rise the most in the coming year.

Source: Realtor®.com. December 8, 2021

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New study reveals which Utah cities & counties
saw biggest housing price increases

SALT LAKE CITY — Any guesses for which Utah areas saw the biggest price jumps in home sales over the past year?

If you guessed Summit County, which includes Park City, perhaps one of the most desirable ski resort destinations in Utah and the West, you’re on the money. The area remains Utah’s most expensive community. The median sales price of homes there jumped from $801,274 in 2020 to $1.15 million in 2021, a 43.5% increase in just one year.

That’s according to the latest research on Utah’s housing market, released Wednesday by the University of Utah’s Kem C. Gardner Policy Institute in a report titled the State of the State’s Housing Market.

But there are other, more surprising areas that outpaced even Summit County in percentage growth of sales prices.

Look south, at rural Sevier County, near Fishlake National Forest and Manti-La Sal National Forest, home to Richfield, Salina and Monroe. Homes aren’t nearly as expensive there, but the area saw an even higher percent change in the median sales price of homes in the same time period, from $185,000 in 2020 to $275,000 in 2021 — a 48.6% increase, according to the report.

Those areas saw the highest percent change in median sales price of homes among Utah’s counties with more than 100 sales transactions from January 2020 to June 2020, and January 2021 to June 2021, the report states.

“Almost all Utah counties have experienced substantial increases in housing prices in the past year,” the report states.

That widespread growth, the report says, is distinctive of the past 12 months, when the COVID-19 pandemic disrupted supply chains, threw the national housing market into upheaval and accelerated already booming housing markets. The West — particularly Idaho and Utah — has seen an explosion in demand and record-breaking home price increases.

The report’s authors warned Utah now is facing a “severe imbalance” in its housing market, with prices skyrocketing so much that more than half of the state’s households are unable to afford a median priced house, which for a single-family home is $460,000 in 2021. But housing experts don’t see a “bubble” about to pop like it did in 2008, expecting demand to continue to outpace supply.

Some counties with fewer than 100 sales transactions saw even more dramatic percentage increases. However, due to the limited number of sales transactions the percent change in those counties may not be as reliable of a measure of change, the report notes.

Consider agricultural Morgan County in the mountains east of Farmington, home to East Canyon State Park. There, the median sales price of homes went from $414,750 in 2020 to $657,500 in 2021 — a 58.9% jump.

And in Utah’s upper northeast corner, there’s Rich County, home to Bear Lake and Garden City. The median sales price of homes there grew from $317,000 in 2020 to $494,310 in 2021. That’s a 55.9% increase.

Now let’s zoom in on cities. Any guesses for which city had the largest median sales price increase?

It was Layton, a city in Davis County about 30 minutes north of Salt Lake City. Layton topped the report’s list of Utah cities with populations of over 50,000 that saw more than 100 sale transactions from the second quarter of 2020 to the second quarter of 2021.

Layton’s median sales price of single-family homes jumped from $355,910 in the second quarter of 2020 to over the half a million dollar mark — $504,289 — in the second quarter of 2021, a 41.7% increase.

In the No. 2 slot was Herriman, a suburb at the south end of the Salt Lake Valley. That rapidly growing community — where city officials recently voted to annex a massive, controversial housing development known as Olympia Hills — saw its single-family home median sales price swell from $449,000 in 2020 to $620,000 in 2021, a 38.1% increase.

Of Utah’s 15 cities that have a population of more than 50,000, 11 saw price jumps greater than 30%. For most of those, the increases were record-breaking, according to the report.

“Thirty percent price increases were unheard of in Utah before 2020-2021,” the report states.

Even though Salt Lake County remains Utah’s most population-dense county, Herriman was the only city in the county to rank in the top half of large cities with the biggest percent growth in the median sales price of single-family homes.

“Lehi, Logan, St. George, Ogden, Provo and Orem registered larger increases than most major cities in Salt Lake County,” according to the report.

Source: KSL.com. “New Study Reveals Which Utah Cities & Counties Saw Biggest Housing Price Increases,” Katie McKellar. October 15, 2021.

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The pandemic has supercharged Utah’s housing market, driven by historically-low interest rates and low unemployment rates. Utah’s housing market has been ranked as the nation’s #1 housing market for the strongest pace of job growth, along with low unemployment, low mortgage rates, few mortgage delinquencies, and low state & local taxes, according to Bankrate.com. Continued, historically-low mortgage rates, and a solid recovery from the pandemic, predict that the Utah real estate market could set another record in 2021. The same can be said about the Salt Lake County real estate market.

Why is Utah’s housing market so hot? Rapid population growth and job growth are the two most important drivers of housing demand in Utah right now. According to local real estate agents, there are not enough single-family homes to meet the rising housing demand. A balanced market has roughly a six-month supply of houses, which means that if we stopped listing new properties, we’d still have about six months of inventory, before we ran out. Right now, Utah is down to about four weeks of housing inventory.

Click here for full article.

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In April 2021, the year-over-year growth of the Case-Shiller Index, the premier metric for housing prices,
eclipsed 14.5% for the first time in its history.

To determine the real estate markets expected to grow the most in the next year, researchers at Porch analyzed data from Zillow, Redfin, and the U.S. Census Bureau. Its researchers calculated the forecast one-year change in home price, previous one-year change in home price, sale-to-list price ratio, and the home price-to-income ratio. To improve relevance, only metropolitan areas with at least 100,000 residents were included.

Here are the large U.S. real estate markets (population 1 million or more) projected to grow the most over the next year.

Click here for full article

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CLICK HERE TO VIEW THE FULL
2021 HOUSING FORECAST

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FOX 13 News 360: Utah’s Hot Housing Market

November 22, 2020

SALT LAKE CITY — Utah home prices are soaring.

According to a recent press release from the Salt Lake Board of Realtors®, the median price for a home in the Salt Lake Valley is nearly $430,000.

Those on the hunt for a new home have more challenges than just cost. Industry experts tell FOX 13 the number of houses along the Wasatch Front for sale right now is thousands less than at the same time last year.

We called upon home builders, real estate agents, and the Salt Lake Board of Realtors, and asked them to weigh in on Utah’s hot housing market. We asked about interest rates, supply and demand, and whether they think the market will slow down any time soon.

You can also examine the numbers by reading the full press release from the Salt Lake Board of Realtors which reads:

“The coronavirus economic shutdown sent home sales tumbling in April and May, but the downturn appears short lived as buyers take advantage of record-low mortgage interest rates and move to the suburbs.

“In the third quarter, there were 13,194 Wasatch Front homes sold, a 13 percent increase from last year’s third quarter. In the first nine months of 2020 there were 31,822 homes sold across the Wasatch Front, up 4 percent from 30,673 homes sold in the same period in 2019.

“‘Wasatch Front home sales in 2020 are on track to being the third best year on record,’ said Alicia Holdaway, president of the Salt Lake Board of Realtors®. ‘Because of the pandemic, the spring home buying season was extended to the summer and fall months. We are seeing many out-of-state buyers moving to Utah.’

“A new report by the National Association of Realtors® said the coronavirus pandemic has spurred more home buyers to purchase housing with more rooms, more square footage and more yard space, as they may have desired a home office or home gym. “They also shopped for larger homes because extra space would allow households to better accommodate older adult relatives or young adults that are now living within the residence,” according to Jessica Lautz, vice president of demographics and behavioral insights at NAR.

“In the third quarter, the median Wasatch Front home price climbed to $362,000, up 10 percent from a year ago. The median price of Wasatch Front homes sold from January through September was $350,000, up 8 percent from last year during the same nine-month period.”

Source: https://www.fox13now.com/news/local-news/360/fox-13-news-360-utahs-hot-housing-market

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September 28, 2020

SALT LAKE CITY — In the wake of some record-setting heatwaves this past summer, the Salt Lake Valley’s housing market was also mirroring that blazing-hot streak.

The demand for new housing stock has risen to historic levels.

A big upward trend in the national housing market has continued based on the latest new home sales data from the U.S. Census Bureau. The figures show new single-family home sales up 43.2% year-over-year in September.

A report from Robert Charles Lesser and Company, a data analytics and strategic planning firm for the real estate industry, states increased market demand is being driven by low interest rates for homebuyers, demographic shifts, along with changing consumer attitudes about where they choose to reside in the era of the new coronavirus.

The report notes that given the fact there is just a 3.3-month supply of new homes available, the current pace of robust sales may not sustainable in the long term.

Considering various factors, including the current sales pace, rising lumber costs and availability of suitable land, there are strong indications that demand for new housing will remain high, However, builders may have trouble keeping up, one Utah observer said.

Jaren Davis, CEO of the Salt Lake Home Builders Association, said demand for new housing has been overwhelming producers’ capacity to provide units, particularly as more and more people choose to make the Beehive State their home.

While the influx of new residents is a major driver in the demand for housing, he said keeping up the supply is also an ongoing challenge.

“The existing house inventory is readily available and the transaction occurs (immediately),” he said. “But in new construction, there isn’t a lot of spec housing out there, meaning the builders built something waiting for the buyers to come in. So what happens when the consumer comes into our assets, they actually agree to a longer term buildout. They’re looking at a plat map, identifying a lot that they want and then getting on a schedule for the construction and that oftentimes would take as long as six months.”

He added that the build-out phases could also be long if the home is larger or has specific features that require more time to construct. The robust demand has also put more pressure on builders to produce a greater volume at a high rate.

The high demand is straining the existing home market as well. The Salt Lake Board of Realtors reported that sales in Salt Lake County for July were the highest on record in the history of the Multiple Listing Service — more than 2,100 sales. It was the first time sales eclipsed the 2,000 mark. Sales last month were also up slightly, the report states.

Meanwhile, Davis noted that the construction industry was designated as an essential service during the COVID-19 pandemic, which has allowed builders to continue producing much needed housing stock.

“You still had that mindset for the social distancing. In our industry, we naturally social distance, the framers aren’t standing next to the plumbers — they’re coming in at different times and they’re standing in different parts of the home,” Davis explained. “We absorbed that fallout from those first months (of the pandemic), had some slowdown in the construction and they’re now back up to full steam.”

He said even at full capacity, the industry still cannot keep up with the demand from prospective buyers.

“If we could build enough inventory for the demand, we would probably be twice as busy,” he said. “Existing housing follows new construction. If there isn’t enough inventory in new construction, prices go up. Because of our lack of ability to meet that demand, prices are pushed upward because there is a shortage of inventory.”

He said those rising prices are putting tremendous pressure on affordability across the Wasatch Front.

Analysts contend the high demand has been exacerbated by the lack of existing home inventory for sale. Dejan Eskic, senior research associate at the University of Utah’s Kem Gardner Institute, said the pandemic prompted many potential sellers out of the market due to fears raised during the initial outbreak in the spring.

“We’ve seen a lot of existing for-sale inventory pull back, so we’re about 52% or so behind where we are usually with existing sales inventory this time of year and throughout the summer,” he said, “That’s created a kind of bottleneck. You have this pent up demand who want to buy, but they have nowhere to go.

“You have the global health pandemic issues as well, people are not comfortable having people walk into their homes,” Eskic said. “They don’t want to move in a pandemic, so that’s preventing them from putting their house on the market as well. You’re seeing this in our market and across the nation, we’re really short on existing home sales.”

Regarding affordability, he said Utah faces the daunting prospect of becoming like California is today where many residents cannot afford to rent or buy based on their typical household wages.

“Really, it comes down to income. Between 2013 and 2018 — that five-year period, income (in Utah) has gone up 18% while housing prices have gone up over 65%,” Eskic said. “In comparison, if we go back to this May and April when this whole thing started, the median price of a single-family home in the state of Utah was about $365,000, now it’s $399,000. That’s about 9% in just five to six months.”

He said civic leaders need to work on some possible solutions or risk the situation worsening.

Source: https://www.ksl.com/article/50022566/housing-market-at-record-hot-level-this-summer

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Utah Ranks No. 1 for Best Economy

Utah has the best economy of all states, according to USA Today. “At a time when COVID-19 has sent unemployment soaring into the double digits across much of the country, Utah’s monthly jobless rate stands at 5.1 percent, less than half of the 11.1 percent national unemployment rate for June,” the article stated. “Even before the coronavirus hit American shores, economic conditions in Utah were far stronger than they were in most of the country.”

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Q2 STATS SHOW INCREASED VALUE & DECREASED TIME ON MARKET

The Wasatch Front median home price climbed to $347,000 in the second quarter, up 6 percent from $327,000 a year ago. Salt Lake County had the highest median home price of the five-county area, coming in at $404,193. Weber County had the lowest median price at $300,000. More than three out of four homessold in the second quarter (77%) were priced at less than $450,000. Wasatch Front homes were on the market a median of 14 days in the second quarter, down from 17 days during the same period in 2019.

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June 22, 2020

SALT LAKE CITY — Sales of existing homes in Utah tumbled in May, but analysts and real estate agents said the market is experiencing strong activity and price increases as summer begins.

“We didn’t slow down, really,” said Christy Vail, with the Utah Association of Realtors. “There might have been two or three weeks where it was a little quiet, but overall, I think people are very positive and forward-thinking about home buying.”

Vail said Utah is faring better than other states and that demand is high right now, partly due to new buyers entering the market because of the low mortgage rates.

“We definitely are seeing multiple offers — that has not changed,” she said.

The Utah Association of Realtors reports that the median sales price for existing homes in Utah is up 4% this year. Nationally, the price increase is 2.3%.

Researchers at the University of Utah’s Kem C. Gardner Policy Institute said the state’s ongoing housing shortage is putting upward pressure on prices.

“Prices aren’t going down,” said research analyst Dejan Eskic. “As a matter of fact, they are still up over last year when we compare month-to-month.”

That housing shortage could get worse, Eskic warned, since the pandemic caused a slowdown in construction during April and May.

“We’re forecasting about a 10% to 12% decline in housing construction-related activity for the year,” he said.

Sales of existing homes in Utah dropped 22% in May when compared to the same month last year, according to preliminary data for the Utah Association of Realtors. Nationally, year-over-year, home sales dropped 26.6% in May.

The COVID-19 pandemic hit just as the busy, springtime home-buying season would have started, possibly delaying completed transactions until now. In fact, the association of realtors said the number of homes currently under purchase contracts is outpacing last year by about 25%.

Some of the summer demand could also be the result of Utah residents being more aware of their housing situations after spending so much time inside their current home because of the pandemic.

“I think people are a little bit more cognizant of their living space and their needs,” Vail said. “And two, I think there are many thoughts of maybe downsizing a little bit.”

Source: https://www.ksl.com/article/46768100/utah-home-prices-continue-to-rise-even-during-pandemic

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April 29, 2020

Contract signings dropped in March as many housing markets paused as the coronavirus outbreak spread across the country.

The National Association of REALTORS®’ Pending Home Sales Index, a forward-looking indicator based on contract signings, dropped 20.8% in March compared to February. All four major regions of the U.S. saw a drop in contract activity last month.

Contract signings are down 16.3% compared to a year ago.

“The housing market is temporarily grappling with the coronavirus-induced shutdown, which pulled down new listing and new contracts,” says Lawrence Yun, NAR’s chief economist. “As consumers become more accustomed to social distancing protocols, and with the economy slowly and safely reopening, listings and buying activity will resume, especially given the record low mortgage rates.”

Yun acknowledges the typical spring buying season will be missed this year due to the pandemic. Further, a “bounce back later in the year” will likely be insufficient to make up for the loss of sales in the second quarter, he adds. Home sales are projected to decline 14% for the year.

Social distancing protocols due to the pandemic have caused the real estate industry to quickly adapt their businesses. Home buyers are still finding ways to proceed. Fifty-eight percent of real estate professionals report that buyers are using virtual tours, and 43% report buyers are taking advantage of e-closings, according to an NAR Flash Survey conducted of real estate professionals between April 19 and 20.

Also, home prices are staying firm. “Although the pandemic continues to be a major disruption in regards to the timing of home sales, home prices have been holding up well,” Yun says. “In fact, due to the ongoing housing shortage, home prices are likely to squeeze out a gain in 2020 to a new record high.”

Yun projects the national median home price to increase 1.3% for 2020. However, he cautions there will be many local market variations. Also, the upper end of the market will likely face a reduction in home prices.

Source: https://magazine.realtor/daily-news/2020/04/29/nar-calls-sales-slowdown-temporary

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The average 30-year mortgage hit an all-time low of 3.29% this week,
according to data from Freddie Mac

On the heels of a roller-coaster stock market and emergency rate cut from the U.S. Federal Reserve as fears about the spread of coronavirus (COVID-19) impact the U.S., mortgage rates hit a historic low this week. The average 30-year fixed-rate mortgage plummeted to 3.29 percent, an all-time low, according to Freddie Mac.

“The average 30-year fixed-rate mortgage hit a record 3.29 percent this week, the lowest level in its nearly 50-year history,” Freddie Mac Chief Economist Sam Khater said in a statement. “Meanwhile, mortgage applications increased 10 percent last week from one year ago and show no signs of slowing down.”

“Given these strong indicators in rates and sales, as well as recent increases in new construction, it’s clear the housing market continues to be a positive force for the broader economy.”

Last week, the 30-year fixed-rate mortgage averaged 3.45 percent and at this time last year, it averaged 4.41 percent. The 15-year fixed-rate mortgage averaged 2.79 percent, down from 3.83 percent at this time last year. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.18 percent, down 3.87 percent at this time last year.

Ruben Gonzalez, the chief economist at Keller Williams, said the recent downward trend in the 10-year Treasury yield, in response to coronavirus concerns, has been pointing to the potential of record-low mortgage rates for some time.

“So far, the perceived risk in the real estate market appears to be low based on the path of the spread between 30-year mortgage rates and the 10-year Treasury, though it has trended higher over the previous two weeks,” Gonzalez said.

Those same forces driving rates down could eventually drive up the concerns of the risk to the overall economic climate of the country, which in turn could impact the housing market. But in the near term, lower rates should provide a boost in demand, even as inventory remains low, Gonzalez said.

“While buyers may already be somewhat wary due to the potential of a larger outbreak, most cities so far are not directly impacted by COVID-19,” Gonzalez said. “We are certainly keeping an eye on how the situation is developing and evaluating what kind of logistical challenges may develop in our industry.”

In New York City specifically, agents told Inman that they’re seeing prospective homeowners incentivized to buy right now.

“Buyers, even first time purchasers, seem more motivated rather than deterred due in part to the effect the outbreak is having on the stock markets,” Kristen Jock, an agent with Compass, said. “With talk of rates dropping more, it is actually incentivizing investment in homeownership.”

Source: www.inman.com/2020/03/05/30-year-mortgage-rates-hit-lowest-point-in-50-year-history

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Top Ten Outperforming Metro Markets Report

The National Association of REALTORS® identified the top metro areas for the next 3-5 years based on domestic migration, housing affordability for new residents, consistent job growth relative to the national average, population age structure, attractiveness for retirees and home price appreciation, among other variables.

In alphabetical order, the markets are:

Charleston, South Carolina
Charlotte, North Carolina
Colorado Springs, Colorado
Columbus, Ohio
Dallas-Fort Worth, Texas
Fort Collins, Colorado
Las Vegas, Nevada
Ogden, Utah
Raleigh-Durham-Chapel Hill, North Carolina
Tampa-St. Petersburg, Florida

Source: https://www.nar.realtor/reports/top-ten-outperforming-metro-markets-report

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UTAH HOME SALES HIT NEW HEIGHTS IN 2019;
TREND EXPECTED TO CONTINUE

SANDY — While the cost of buying a home in the Salt Lake City metro area is predicted to rise to record levels in 2020, the number of people buying homes is also expected to reach historic levels for the second year in a row.

And the building pressure isn’t just in Salt Lake County, a real estate group says.

“You’re seeing it in the rural areas as well,” Utah Association of Realtors President Dave Robison said. “One of the best performing counties was Box Elder County, their sales went up 15%, and then Summit County went up 15%, Utah County went up 12%.

“One of the interesting statistics right now — this is the first time I’ve ever seen it — but Utah County has more homes for sale on the market than Salt Lake County,” he added.

The Utah Association of Realtors reported last week that homes sales in Utah climbed to a record high of 54,274 in 2019 — the most since the organization began keeping records in 2003, according to Robison. That exceptional sales activity is due to various reasons.

“It’s people moving in from out of state (and) it’s our low unemployment,” he said. “It’s our own population growing. It’s multiple factors.”

He said the high demand has resulted in rising sales prices for properties as well, with the median price statewide registering at $320,000 last year — up 7.7% from 2018. The number of homes sold for less than $300,000 declined 12% because the supply of such properties has dwindled over the years “because they don’t exist; they are disappearing,” he added.

Robison attributed the sales spike in other counties to the fact many prospective homeowners are priced out of the market in some of the more established, sought-after areas along the Wasatch Front.

Utah County has more homes for sale on the market than Salt Lake County.

–Dave Robison,
Utah Association of Realtors President

“This is kind of why Box Elder County is booming right now, because of affordability. It’s more affordable,” he said.

The pressure on prices isn’t likely to let up soon.

“Right now, it doesn’t look like it’s going to flatten out at all, simply because we have a shortage of homes and we have a high demand,” Robison said. “The builders are not building fast enough for our demand.”

He said that from 1980 through 2006, local homebuilders “overbuilt” by 10% of what market demand was, however, that isn’t happening in the current market environment. In fact, the Realtor group’s data showed the housing affordability index fell nearly 7% in 2019 to register at 96.

This index measures housing affordability for the region. The report noted that an index of 120 means the median household income is 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability. The index declined from 120 in 2017 down to 103 in 2018, before dropping to 96 last year.’

Robison added that local municipalities are struggling with meeting the growing housing demand in a climate of ever-increasing home prices. One solution could be higher density units, like twin homes and condominiums, he said.

“The bulk of what people are going to be able to afford is going to be townhomes and condos,” he said. “Because it’s simple, it’s just going to be too expensive to own a single-family home anymore.”

He added that due to construction costs, consumer demand and the land costs, developers may move in the direction of building more townhomes as a way to maintain profitability. He said cities will also have to create building ordinances that support the development of more densely populated housing units, which has not always been popular in many Salt Lake area communities.

Meanwhile, he said if interest rates remain low as they have been lately, then prospective buyers will likely continue to flood the market, which will be good for Utah homeowners who are receiving greater and greater amounts for their properties over the past decade.

“When you look at interest rates, if interest rates go up a point, it reduces (homebuyers’) purchase ability by almost 12%. The interest rates being low, makes it very, very favorable for a buyer,” Robison said. “Now, for sellers, it’s definitely favorable for their selling price because we’re seeing the highest median price range we’ve ever had. So, it’s definitely favorable for them.”

Source: “Utah Home Sales Hit New Heights in 2019; Trend Expected to Continue,” Jason Lee. KSL.com. Feb 20, 2019.

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MEDIAN SINGLE-FAMILY HOME PRICE SURPASSES $380,000

Salt Lake County home prices climbed to an all-time high in the third quarter, according to the Salt Lake Board of Realtors®. The median single-family home price in the July-through-September period reached $381,500. That’s up 7.5 percent compared to a median price of $355,000 in last year’s third quarter. Just three years ago, the median single-family home price reached $300,000, which was then an all-time high price. The previous peak home price was in the third quarter of 2007, when home prices topped $256,000 (or $298,085 in inflation-adjusted dollars). Home prices increased across all Wasatch Front counties including: Davis, up 6.2 percent; Tooele, up 2.6 percent; Utah, up 4.4 percent; and Weber, up 10.3 percent. Sales of single-family homes in Salt Lake County were flat (up 0.7 percent) in the third quarter year-over-year. Davis County saw sales increase 9.8 percent. Sales in Tooele County were up 4.7 percent. Utah County sales were up 11.8 percent. Sales in Weber County were up 12.1 percent. In the third quarter, the typical Salt Lake home was on the market 37 days before it sold – six days longer than the average time for a home to sell during the third quarter of 2018.

Copyright Salt Lake Board of Realtors®. November 18, 2019.

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It’s been another amazing summer for real estate along the Wasatch Front! Lately, there has been some talk about changes in the future, but according to the data below, the housing market in Utah has been steady and solid.

Utah typically follows behind other major markets like parts of California, Las Vegas and Phoenix. The one huge advantage we have is our job market and stable population. Look at the number of new listings vs the number of homes under contract (below)!

In Salt Lake, Utah and Davis Counties, there are still more homes going under contract than are being listed. This signifies a Seller’s Market. You can also see the number of “Solds” vs “Actives”. If you divide the “Actives” by the “Solds“, it will give you the Absorption Rate. This is the number of months it would take for all current listings to sell, if no new properties were listed on the Market.

Salt Lake County is currently at a little over 1.5 months worth of inventory; Utah County is slightly over 2 months; Davis County is just above 1.3 months (respectively). All three counties are very much Sellers’ Markets. Most real estate professionals would say a “Flat Market” is usually around 4 months of inventory.

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Utah had the second highest house-price appreciation of all states in the second quarter year-over-year, according to a new report by the Federal Housing Finance Agency. In the 12 months ended June 30, house prices in the Beehive State increased 7.73 percent. Only Idaho showed greater house appreciation over the same period. Rounding out the top five states were Tennessee, Georgia and Arizona. At 1.21 percent, Delaware had the lowest appreciation. The index is a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinancings on the same properties. This information is obtained by reviewing repeat mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac since January 1975.

Copyright September 2019. Salt Lake Board of Realtors®.

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MAY HOUSING WATCH
TWO CONSECUTIVE MONTHS OF RISING HOME SALES

More homes were sold in May compared to May 2018 in Salt Lake County and Davis counties, according to UtahRealEstate.com. In Salt Lake County, home sales were up 10 percent. The gains followed a strong showing in April. Previously, sales had been down in Salt Lake County for six consecutive months (October through March).

The price of homes continued to rise. In Salt Lake County, the median price of homes (all housing types) sold in May was $348,989, up 9 percent compared to the May 2018 median price. In Davis County, the median price increased 10 percent to $330,000.

Nationally, total existing-home sales were down 1.1 percent from a year ago (5.40 million in May 2018). The median existing-home price for all U.S. housing types in May was $277,700, up 4.8 percent from May 2018 ($265,100). May’s price increase marks the 87th straight month of year-over-year gains.

Properties across the nation remained on the market for an average of 26 days in May, up from 24 days in April and equal to the 26 days in May of 2018. Fifty-three percent of homes sold in May were on the market for less than a month.

Realtor.com®’s Market Hotness Index, measuring time-on-the-market data and listing views per property, revealed that the hottest metro areas in May were Rochester, N.Y., Fort Wayne, Ind,; Lafayette-West Lafayette, Ind.; Boston-Cambridge-Newton, Mass,; and Midland, Texas.

According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 4.07 percent in May, down from 4.14 percent in April. The average commitment rate across all of 2018 was 4.54 percent.

First-time buyers were responsible for 32 percent of homes sales in May, unchanged from 32 percent the month prior, and up from 31 percent recorded in May 2018. NAR’s 2018 Profile of Home Buyers and Sellers – released in late 2018 – revealed that the annual share of first-time buyers was 33 percent.

All-cash sales accounted for 19 percent of transactions in May, down from April a year ago (20 percent and 21 percent, respectively). Individual investors, who account for many cash sales, purchased 13 percent of homes in May, down from 16 percent in April, and from 14 percent a year ago.

Distressed sales – foreclosures or short sales – represented 2 percent of sales in May, down from 3 percent in April, and from 3 percent in May 2018. Less than 1 percent of May 2019 sales were short sales.

Source: Salt Lake Realtor Magazine®. June 2019.

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BIG PRICE GAINS IN UTAH HOUSING MARKETS:
OGDEN, SALT LAKE CITY, & PROVO

The housing markets of Salt Lake City, Provo, Ogden and other Northern Utah cities outpaced the nation in 2018, in terms of home-price gains. They’re expected to do more of the same through 2019 and into 2020.

Last week, we reported that Provo, Utah is one of the cities where Millennials are buying homes in large numbers. This and other factors, has led to big home-price gains in the Provo housing market.

But Provo isn’t the only city in Northern Utah with a hot housing market. Most of the cities in that region are outpacing the nation right now, in terms of year-over-year home price growth.

Real estate markets in Salt Lake City, Ogden and Orem are also experiencing above-average price gains, as of early spring 2019.

Utah Home Prices Outpace the Nation

Home prices in Utah rose faster than the national average in 2018, and during the first part of 2019. According to Zillow®, the median home value for the state of Utah rose by 14% over the past year (as of March 2019). The nationwide median rose by 7.2% during that same 12-month period.

The company’s research team predicted that Utah’s median home value would rise by another 8.5% over the next 12 months, stretching into spring 2020.

Even bigger gains were recorded within the housing markets of Ogden, Orem, Provo and Salt Lake City. In those real estate markets, home prices rose rapidly over the past year or so.

Looking forward, the latest housing forecasts suggest that these cities will continue to outpace the nation in 2020 — at least in terms of annual home-price gains.

Strong Housing Forecasts for Salt Lake City, Ogden, Provo

According to the latest data, home prices in the major cities of Northern Utah have been rising at a much faster pace, than the nation as a whole. Additionally, there have been strong home-price forecasts for the housing markets in Salt Lake City, Provo, Ogden and Orem.

We can see this stark difference by looking at median home values over the past year. Consider the difference:

• The median home price for the U.S. rose by around 7% over the past 12 months.
• In contrast, the median home value (in all four Utah cities listed above), rose by at least 15% over the past year, according to Zillow.

Ogden, Utah led the charge with a whopping 20% gain in median house prices over the past year. While real estate appreciation seems to be slowing in that market, Ogden could have another year of double-digit price growth in 2019.

Here is Zillow’s forecast for the Ogden housing market: “Ogden home values have gone up 20.0% over the past year and Zillow predicts they will rise 12.5% within the next year.” They also labeled this real estate market as being “hot” in spring 2019, based on the average time on market, frequency of price cuts, and other factors.

The Northern Utah cities of Salt Lake City, Orem, Provo and Logan also recorded double-digit increases in their median home values over the past year.

Supply Falling Short of Demand in Some Areas

In most major cities across Utah, the inventory of homes for sale is still not enough to satisfy the demand from buyers. This puts upward pressure on home prices and leads to competitive conditions within these real estate markets.

Ogden, Utah is one of the more “extreme” examples of this supply-and-demand imbalance. As of February 2019, the Ogden housing market had about a 2.5-month supply of homes for sale. That’s well below the 5 to 6-month level that economists consider to be a balanced market.

Salt Lake City also had about a 2.5-month supply of homes for sale in February.

In these and other cities across Northern Utah, the real estate market tends to favor sellers over buyers – for now, at least. If more inventory becomes available over the coming months, it could tilt the scales.

Are Buyers Getting Priced Out of These Markets?

From a homeowner’s perspective, rising home values are a big win. An appreciating real estate market enables homeowners to build equity. But some home buyers will eventually be “priced out” of these real estate markets due to the above-average price gains of recent years.

Prospective first-time buyers, in particular, often struggle to keep up with rising home values. And with most housing market forecasts suggesting a continued rise in Utah house prices, the problem could worsen in 2020.

Already, we’ve seen a decline in sales across this region. That could be partly due to the big jump in prices (and a corresponding drop in demand).

A January 2019 article from The Salt Lake Tribune stated:

“Surging prices and limited supply pushed home sales on the Wasatch Front [which includes Ogden, Provo and Salt Lake City] to their lowest level in three years, with Utah’s urban counties seeing significant market slowdowns as 2018 ended.”

But there’s some good news for home buyers. Mortgage rates have plummeted over the past few months.

According to the weekly survey conducted by Freddie Mac, the average rate for a 30-year fixed mortgage loan dropped from 4.94% in mid-November of last year, to 4.06% during the week ending March 28, 2019.

Low mortgage rates could help offset the rising cost of homes in places like Salt Lake City, Ogden and Provo — at least for those home buyers who jump on them while they last.

Source: HomeBuyingInstitute.com. “Big Price Gains in Utah Housing Markets: Ogden, Salt Lake City & Provo.” Written by Brandon Cornett. April 1, 2019.

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EXISTING HOME SALES REBOUND IN FEBRUARY

In February, existing home sales experienced their largest monthly gain in four years, according to the latest report from the National Association of Realtors.

Total existing home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, spiked 11.8% from January to a seasonally adjusted rate of 5.51 million in February, the highest monthly increase since December 2015. However, the report reveals sales are 1.8% below February 2018’s rate.

NAR Chief Economist Lawrence Yun said a powerful combination of lower mortgage rates, more inventory, rising income and higher consumer confidence is driving the sales rebound.

The median existing home price for all housing types increased to $249,500 rising 3.6% from last February’s rate of $240,800. This marks the 84^th straight month of year-over-year gains.

Total housing available for sale increased from January, moving forward from 1.59 million existing homes on the market to 1.63 million in February. Notably, this is a 3.2% increase from last year’s total of 1.58 million.

“The housing market is poised for a rebound as existing-home sales soared in February after hitting an over three-year low last month,” Trulia Chief Economist Cheryl Young said. “With spring home buying season around the bend, sliding mortgage rates and moderating home prices will continue to boost demand and drive sales.”

Copyright, National Association of Realtors®. March 2019.

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SALT LAKE COUNTY HOME SALES FALL FOR FOURTH CONSECUTIVE MONTH

Salt Lake area homes sales (all housing types), fell in January to 898 units sold, a 17 percent drop compared to 1,077 units sold in January 2018. It was Salt Lake County’s fourth consecutive month of falling home sales year-over-year.

In Davis County, there were 269 units sold in January, a 10 percent decline compared to the same month a year ago. It was the second consecutive month of falling sales for Davis County.

Meanwhile, the median price of homes sold in January continued to increase. In Salt Lake County, the median price in January increased to $320,375, an 8 percent rise compared to a median price of $296,500 in January 2018. In Davis County, the median home price hit $315,000, a 15 percent increase compared to median price of $275,000 a year earlier. Nationally, home sales (all housing types), were down 9 percent in January compared to January 2018, according to the National Association of Realtors®.

Lawrence Yun, NAR’s chief economist, sad January home sales of 4.94 millions were the lowest since November 2015. However, Yun does not expect the numbers to decline further going forward. “Existing home sales in January were weak compared to historical norms; however, they are likely to have reached a cyclical low. Moderating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months.”

The U.S. median existing-home price for all housing types in January was $247,500, up 3 percent from January 2018 ($240,800). January’s price increase marks the 83rd straight month of year-over-year gains.

According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 4.46 percent in January from 4.64 percent in December. The average commitment rate for all of 2018 was 4.54 percent.

Nationally, all-cash sales accounted for 23 percent of transactions in January, up from December and a year ago (22 percent in both cases). Individual investors, who account for many cash sales, purchased 16 percent of homes in January, up from 15 percent in December, but down from a year ago (17 percent).

Copyright, Salt Lake Board of Realtors®. February 2019.

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THE REAL ESTATE MARKET IN YOUR ZIP CODE

Surging prices and limited supply pushed home sales on the Wasatch Front to their lowest level in three years, with Utah’s urban counties seeing significant market slowdowns as 2018 ended. Full pricing and sales data by ZIP code illuminate what is now an extended trend.

As prices and mortgage interest rates continued to rise, 6,781 single-family homes changed hands over the five-county area in the past three months, nearly 9 percent fewer than sold in fall 2017, according to new figures published Monday by the Salt Lake Board of Realtors.

All five Wasatch Front counties saw home sales decline for the fourth quarter of 2018, according to the latest data, ranging from 4 percent down in Weber County and 5 percent in Davis, to an 11 percent drop in rapidly growing Utah County and a sizable 14 percent decline in Tooele County. Sales for October, November and December fell 10 percent in Salt Lake County.

Prices, meanwhile, leapt over the same period. In Salt Lake County, the median home price stood at $350,000 at year’s end, fully $25,000 higher than it was in those same three months a year prior. Across the wider Wasatch Front, the median home price was at $334,000, 11 percent higher year over year.

Several experts said Monday the sustained trend of rising prices had combined with hikes in mortgage rates to force some first-time buyers out of the market. For the population center of Salt Lake County, the 2018 sales decline came after total homes sales for 2017 dipped about 1 percent below their levels for 2016, the county’s third highest year for sales on record.

“While new listings are on the rise, overall inventory levels are not keeping up with homebuyer demand,” Scott Robbins, president of the Salt Lake Board of Realtors and a Draper-based agent with Sotheby’s International Realty, said in a statement.

The new data also come as issues in Utah with housing affordability are claiming the attention of city officials, business leaders and state lawmakers. According to the board’s latest report, six ZIP codes along the Wasatch Front now have median home prices above $500,000:

• 84004; Alpine ($577,500)

• 84103; (spanning the Avenues), Salt Lake City ($562,580)

• 84020; Draper ($530,000)

• 84310; Eden ($529,200)

• 84108; East Bench ($521,125)

• 84117; Holladay ($519,500)

• 84664; Mapleton ($491,406)

• 84095; South Jordan ($488,800)

•84093; Sandy ($480,000)

•84317; Huntsville ($480,000)

Experts say that even though new homes are coming on line along the Wasatch Front, a combination of rising costs for undeveloped land, building materials, construction labor and other items continues to push up median housing prices.

And in further evidence of market tightening, the quarterly data released Monday also show a typical Wasatch Front home listed for sale was on the market for only 40 days before it sold, three days shorter than for the fourth quarter of 2017.

A representative for one of the region’s major lenders predicted that additional interest rate hikes by the Federal Reserve in 2019 could further depress buyers’ purchasing power and leave more Utahns struggling to afford a new mortgage, even as job and wage growth in Utah continue to drive home demand.

“Affordability has become an issue,” said Roger Jones, senior vice president and mortgage division manager for Zions Bank, who added that would-be first-time buyers and existing homeowners seeking to move up in the market were both being sidelined.

Jones predicted that some buyers would be drawn to mortgages with adjustable interest rates that locked in lower rates in the first years, as a hedge against the possibility of rate upticks through 2019 and beyond.

Many ZIP codes with the highest volume of fourth-quarter 2018 home sales nonetheless saw year-over-year declines. Data show sales were strongest in Clearfield, Farr West, Lehi, Herriman, Layton, Eagle Mountain, Kearns and Roy.

Of 36 ZIP codes within Salt Lake County, only nine saw home sales at the end of 2018 that exceeded sales for the same period a year before — all are areas on the Salt Lake Valley’s western and southern suburbs.

And of 21 ZIP codes in Utah County, only six had higher fourth-quarter sales in 2018 than the year before, centered on Lehi, Provo, Alpine and Mapleton.

The fourth-quarter picture for condominium sales, often an indicator of buyers seeking bargains, was mixed.

Prices for condos rose dramatically in all five Wasatch Front counties, ranging from 8.1 percent in Davis County to 17.8 percent in Weber County. But sales were flat or declined slightly in Weber, Utah and Salt Lake counties, leapt by a dramatic 36.8 percent in Tooele County and plunged by 23 percent in Davis County.

©Salt Lake Tribune. Story by Tony Semerad. January 29, 2019.
https://www.sltrib.com/news/2019/01/28/utahs-homes-prices-have/

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COUNTIES SEE RISE IN HOME SALES

Salt Lake home sales in July increased 2 percent year-over-year, reversing two consecutive months of declines, according to the Salt Lake Board of Realtors®. There were 1,651 units sold (all housing types) in Salt Lake County in July. Nearly, three of four units sold (74 percent) were for single-family homes. Davis County saw its sales rise 3 percent in July.

The median price continued to skyrocket. In Salt Lake County, the median price of a home sold in July climbed to $329,900, up 12 percent compared to the median price in July 2017. In Davis County, the median price increased to $310,000, up 11 percent year-over-year.

Nationally, existing-home sales subsided for the fourth straight month in July, to their slowest pace in over two years, according to the National Association of Realtors®. The West was the only major region with an increase in sales last month.

“Too many would-be buyers are either being priced out, or are deciding to postpone their search until more homes in their price range come onto the market,” said Lawrence Yun, NAR chief economist. “Listings continue to go under contract in under a month, which highlights the feedback from Realtors® that buyers are swiftly snatching up moderately-priced properties. Existing supply is still not at a healthy level, and new home construction is not keeping up to meet demand.”

First-time buyers were 32 percent of sales in July, which is up from 31 percent last month but down from 33 percent a year ago. NAR’s 2017 Profile of Home Buyers and Sellers – released in late 2017 – revealed that the annual share of first-time buyers was 34 percent.

“Despite first-time buyers struggling to achieve homeownership, Realtors® in most areas say demand is still the strongest at the entry-level segment of the market, said NAR President Elizabeth Mendenhall, a sixth-generation Realtor® from Columbia, Missouri and CEO of RE/MAX Boone Realty. “For prospective first-timers looking to begin their home search this fall, it is expected that competition will remain swift. That is why it’s important to be fully prepared with a pre-approval from a lender, and to begin conversations with a Realtor® early about what you’re looking for and where.”

All-cash sales were 20 percent of transactions in July, down from 22 percent in June, but up from 19 percent a year ago. Individual investors (who account for many cash sales), purchased 13 percent of homes in July (unchanged from last month and a year ago). Distressed sales – foreclosures and short sales – were 3 percent of sales in July (lowest since NAR began tracking in October 2008), unchanged from last month and down from 5 percent a year ago. Two percent of July sales were foreclosures and 1 percent were short sales.

Copyright, Salt Lake Board of Realtors®. September 2018.

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SALT LAKE MEDIAN HOME PRICE CLIMBS TO $352,500

Salt Lake County home prices continued to climb in the second quarter of 2018, according to the Salt Lake Board of Realtors®. The median single-family home price in the April-through-June period, increased to $352,500, up 7.8%…compared to a median price of $327,000 in last year’s second quarter. Home prices increased across all Wasatch Front counties including: Davis, up 9.8%; Tooele, up 20.9%; Utah, up 10.1%; and Weber, up 9.6%. The median sales price of Salt Lake County condominiums, also increased in the second quarter to $237,300, up 5.5%, compared to a median price of $225,000 a year earlier.

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HOME SALES FALL IN MAY

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UTAH IN TOP 10 FOR INCREASED HOUSE PRICES

Utah ranks in the Top 10 states when it comes to the highest percent change in house appreciation, according to the House Price Index by the Federal Housing Finance Agency. The report noted that Utah home prices have appreciated 46.03 percent in the past five years. Nevada posted the highest appreciation at 81.84 percent. Connecticut was the lowest at 7.91 percent. The U.S. five-year average was 34.71 percent. Salt Lake City ranked No. 22 of 383 U.S. metropolitan areas in highest appreciation. Over the past five years home prices in the Salt Lake City area have increased 47.24 percent. The HPI is a broad measure of the movement of single-family house prices. It serves as a timely, accurate indicator of house price trends at various geographic levels.

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SALT LAKE COUNTY’S MEDIAN HOME PRICE IN 2017 CLIMBS TO $325,000

The median price of a single-family home sold in Salt Lake County in 2017 climbed to $325,000, up 10 percent compared too $295,000 in 2016. The cumulative median days a single-family home was on the market in 2017 was 15. Nearly three-of-four (71 percent) single-family homes sold in 2017 were priced under $400,000. Twenty-one percent of single-family homes sold in 2017 were priced between $400,000 to $599,999. Just 8 percent of all sales were for homes sold at $600,000 or more.

CURRENT MARKET REPORT

Census data:What counties grew the most in Utah in 2022?

Utah’s growth in 2022

What’s the ongoing deal with Salt Lake County?

Source: KSL.com, “Census Data: What counties grew the most in 2022?” March 30, 2023

Utah’s Population Growth Ranking in Census Report

“The price momentum willtrend lower, but anotheryear of double-digitincrease is likely.”

To read the full 2022 Housing Forecast Report, click here.

December Prices Set New Monthly Record

Wasatch Front Home Prices – 2020 v. 2021

Here Are the Top 10 Towns Where First-Time Buyers Can Finally Snag a Home in 2022

1. Magna, UT

2. Chalco, NE

3. Mauldin, SC

4. Beech Grove, IN

5. Portsmouth, VA

6. Cottage Grove, WI

7. Grimes, IA

8. Kuna, ID

9. Ferndale, MI

10. Maitland, FL

Have house prices finally peaked?2 Utah cities have hit ‘inflection point,’ study says

Where are home prices peaking?

2022 housing market predictions

New study reveals which Utah cities & countiessaw biggest housing price increases

Source: KSL.com. “New Study Reveals Which Utah Cities & Counties Saw Biggest Housing Price Increases,” Katie McKellar. October 15, 2021.

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In April 2021, the year-over-year growth of the Case-Shiller Index, the premier metric for housing prices, eclipsed 14.5% for the first time in its history.

Click here for full article

CLICK HERE TO VIEW THE FULL2021 HOUSING FORECAST

FOX 13 News 360: Utah’s Hot Housing Market

Source: https://www.fox13now.com/news/local-news/360/fox-13-news-360-utahs-hot-housing-market

Source: https://www.ksl.com/article/50022566/housing-market-at-record-hot-level-this-summer

Utah Ranks No. 1 for Best Economy

Q2 STATS SHOW INCREASED VALUE & DECREASED TIME ON MARKET

The average 30-year mortgage hit an all-time low of 3.29% this week,according to data from Freddie Mac

Top Ten Outperforming Metro Markets Report

UTAH HOME SALES HIT NEW HEIGHTS IN 2019;TREND EXPECTED TO CONTINUE

MEDIAN SINGLE-FAMILY HOME PRICE SURPASSES $380,000

MAY HOUSING WATCHTWO CONSECUTIVE MONTHS OF RISING HOME SALES

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BIG PRICE GAINS IN UTAH HOUSING MARKETS:OGDEN, SALT LAKE CITY, & PROVO

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EXISTING HOME SALES REBOUND IN FEBRUARY

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SALT LAKE COUNTY HOME SALES FALL FOR FOURTH CONSECUTIVE MONTH

THE REAL ESTATE MARKET IN YOUR ZIP CODE

COUNTIES SEE RISE IN HOME SALES

SALT LAKE MEDIAN HOME PRICE CLIMBS TO $352,500

HOME SALES FALL IN MAY

UTAH IN TOP 10 FOR INCREASED HOUSE PRICES

SALT LAKE COUNTY’S MEDIAN HOME PRICE IN 2017 CLIMBS TO $325,000

Census data:
What counties grew the most in Utah in 2022?

“The price momentum will
trend lower, but another
year of double-digit
increase is likely.”

Have house prices finally peaked?
2 Utah cities have hit ‘inflection point,’ study says

New study reveals which Utah cities & counties
saw biggest housing price increases

In April 2021, the year-over-year growth of the Case-Shiller Index, the premier metric for housing prices,
eclipsed 14.5% for the first time in its history.

CLICK HERE TO VIEW THE FULL
2021 HOUSING FORECAST

The average 30-year mortgage hit an all-time low of 3.29% this week,
according to data from Freddie Mac

UTAH HOME SALES HIT NEW HEIGHTS IN 2019;
TREND EXPECTED TO CONTINUE

MAY HOUSING WATCH
TWO CONSECUTIVE MONTHS OF RISING HOME SALES

BIG PRICE GAINS IN UTAH HOUSING MARKETS:
OGDEN, SALT LAKE CITY, & PROVO