Home prices are way up!

Most people I talk to are surprised at how strong the real estate market in Utah is. After that whole crash and crisis of 2008, we’re more cautious. And that’s a good thing. But the fact is: Home prices in Utah are way up. In fact, Utah’s Wasatch Font Multiple Listing Service (MLS) shows that home sales are strong and prices continue to climb. Basic economics say that increased demand with limited supply means prices go up.

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The Utah MLS statistics don’t lie. It’s a strong market. As you can see from the attached graph, Utah home sales continue to increase, and Utah home prices continue to increase as well. All signs of a healthy market.

2016-03-09 Utah Real Estate Market

You can obviously see the bubble burst in 2008. But low interest rates have fueled a very strong recovery. In fact, home prices have already eclypsed prices at the peak in 2006.

Pre-crash:

  • Market max: 2nd quarter of 2007
  • Average home sales price: $221,000

Post-crash:

  • Market max: 4th quarter 2015
  • Average home sales price: $239,000

We never know what’s around the corner. News dominating headlines today are all about Trump and his claims to “Make America Great Again.” Don’t be fooled. The real estate market is doing pretty darn good, even without Mr. Trump!