The Salt Lake Tribune released an article yesterday on the Utah real estate market. In a nutshell, the article describes the slow down in the number home sales and predicts as much as a 20% decline in home prices along the Wasatch Front. Some areas will be hit harder than others. However, despite the steep drop in sales, Weber County saw an increase in home prices of 7.6% compared to the 1st quarter last year. Read more about Weber County on a post I wrote a couple weeks ago, “Weber County: Prices up, Sales down“
The article also quotes predictions that the Utah housing slump may last as long as 2010. It acknowledges that with the sharp increase in home prices over the last couple of years, many home buyers can’t afford to buy now. And since lenders have tightened up, far less buyers are qualifying.
But not all is as gloomy as the weather today. Utah’s strong economy, job growth, and increasing population should make our landing much softer than other states like California, Nevada & Arizona. Not to mention the fact that historically Utah’s peaks and valleys are much more subtle than these neighboring states.
The Salt Lake Tribune recently posted market statistics for the 1st quarter by zip & county, click here to view. Or click here if you would like to read the article referenced.
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