2013 Real Estate Market Update

Utah’s housing market is getting stronger as consumers have more confidence in the market. The attitude index in Utah has risen another 2.8 points to 88.4, which is the highest level of confidence in years. On a national scale, the attitude index is also up to 81.5.

Consumer confidence is up because everything is improving in the housing market, stock markets and labor. For months real estate indexes have been moving upward and home values have increased 13.5%year-over-year. In Utah, that trend is expected to continue at a great pace.

One of the top signs that Utah’s housing market is in recovery mode is raising home value prices. Home prices have risen 9.4% since the lowest point of the housing bust. New home construction is also a positive sign of housing recovery. Building permits in Utah rose 73% according to the Census Bureau.

Foreclosures have also been on a steady decline. Homes that are seriously delinquent are down 52% in Utah. Data also shows that homes under water have dropped by nearly 41% since the national peak. Now, we are not seeing many homes with negative equity.

If you are looking to where the housing market has a strong recovery, check out St. George, UT. The St. George lifestyle offers over 300 days of sunshine each year, several golf courses, red rock mountains, thriving businesses, excellent choice of homes for sale, great shopping, adult communities and much more. Contact Erika Rogers, your local real estate expert for more details.

 

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