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

Utah Leads Nation in Home Price Growth

The state's 18% gain is more than double the U.S. average. California shows a rise of 4.6% in the fourth quarter.

From Bloomberg News
March 2, 2007

The real estate boom has gone West. And Northwest.

The state with the fastest-growing home prices in the fourth quarter was Utah, at 18%, more than double the U.S. average, a government report showed Thursday. Wyoming was No. 2 at 14.3% and Idaho was third at 14%. Washington gained 13.7%, and Oregon was fifth at 13.5%.

California came in at No. 35, with a gain of 4.6%, compared with 21% a year earlier.

Nationally, the real estate market stagnated, with a gain of 5.87% from a year earlier, the slowest pace since 1999, the Washington-based Office of Federal Housing Enterprise Oversight said. The report doesn't give an average price, only the percentage change. The West and Northwest benefited from strong job markets, more affordable housing, population growth and vacation home sales. Read more here ...

Jennifer Bunker, CRS, GRI
Utah Real Estate Broker