Thursday, May 22, 2008

Utah # 2 in Home Price Increase

The following article is from the Salt Lake Tribune, dated May 21, 2008:

By Lesley MitchellThe Salt Lake Tribune
Article Last Updated: 05/22/2008 12:08:25 PM MDT

Posted: 11:28 AM-

Salt Lake City is ranked No. 22 among nearly 300 areas in home-price appreciation from the first quarter of 2007 to the same period this year with a 5.4 percent gain, a new report shows.

But two of Utah's metro areas ranked in the top 10, according to the House Price Index report by the Office of Federal Housing Enterprise Oversight.

The Provo-Orem area was No. 6, with a 6.8 percent gain in home prices over the one-year period. Ogden-Clearfield was No. 9, with a 6.6 percent increase.

The Logan area was No. 15, with a 6 percent increase.

Among Utah areas, St. George had the worst ranking, No. 235, based on a 3.7 percent decline in home prices over that one-year period.

Utah as a whole is No. 2 among all states in home-price appreciation with a 5.6 percent increase, relinquishing the top spot to Wyoming, which posted a 6.3 percent gain. Montana rounded out the top 3 with a 4.9 percent increase.

A downturn in real estate markets throughout Utah has pushed home sales down and led to moderating home prices. Utah slipped to No. 2 after five consecutive quarters in the top spot. Nationally, prices were down 3.1 percent in the year that ended March 31.

Jennifer Bunker CRS, GRI
Utah Real Estate Broker

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