Recession – What Recession?
The setback suffered by Utah from the recession was amongst the worst. The average home price fell to more than 22% during the recession. However, the state was extremely quick to get back up on its feet. The average home prices of the state have also increased at a tremendous rate of 9.3% in the revival period. With the 11th lowest unemployment rate in the United States, Utah also sits happily in the top 10 housing markets of the country. Another advantage that the state has is that the average prices are amongst the lowest in the country at $130000. The state has forecasted a growth of 5.8% for the year 2013 which places it in the top 10 amongst all states in that metric. A major reason for this is that Utah has witnessed a rise in property sales for the 9th consecutive month. The sales have also risen by 17.5% as compared to last year.
A Strong Start To 2013
The Utah Real Estate has also witnessed a strong start to the year 2013. Realtors have sold 500 homes more than the same period in the last year. More than 3200 contracts have also been signed and pending sales are projected at 34%. On the other hand, the number of homes available for sale has dropped tremendously. The inventory has also gone down below the 20000 mark for the first time in 5 years. However, in local areas the supply is much higher. Further, due to the much improved market conditions the homes have also been sold at a much faster rate. It took just 95 days on an average to sell a house as compared to 101 days in the previous year. Salt Lake City, the capital of Utah, has also been national attention for the investment potential it holds. However, despite all its growth and up market trends, Utah is still very much affordable and in reach of most people.