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For the scores of homeowners who are having to cut asking prices to get their properties sold, it might not feel like Utah's real estate market could be considered the best in the country. But in a report released Tuesday by the Office of Federal Housing Enterprise Oversight, Utah is No. 1 among all states in home-price appreciation, from the fourth quarter of 2006 to the same period in 2007, with a 9.27 percent gain. It is the state's fifth consecutive quarter in the top spot. Utah's appreciation rate is down considerably from the double-digit gains of recent years. When it first topped the nation in appreciation in the fourth quarter 2006, its one-year appreciation topped 17 percent. By the third quarter of last year, appreciation had slowed to 12.9 percent before dipping even farther in the fourth quarter. But compared with many other states, coping with a much sharper residential downturn, Utah's residential real estate market is faring much better. "We do have a lot of inventory, which has caused prices to have flattened," said Realtor Bill Heiner, second vice president of the Salt Lake Board of Realtors. "But we're still doing well."
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1 comment:
I would agree that there are many homes and condos on the market right now. I find it interesting that even in this situation builders are still building and the places seem to still be selling- an example would be Birkhill
http://www.hamlethomes.com/communities/profile.aspx?cid=18
where they are selling out their condos. It is an interesting market right now here in Utah.
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