Sal Lake County’s residential market had its best year since 2006. What helped the market is…strong job growth, increased in-migration, low mortgage rates, and solid wage gains-supported increased levels of sales activity and pushed up single family and condominium prices to all-time highs.
Question is; Is there a housing Bubble?
The experts say no and this is why. The large increase in prices over the last five years raises the question of whether a housing price bubble is building. A 48 percent increase in five years is extraordinary. But this increase must be set in the context of the four years of declining housing prices. For 16 consecutive quarters housing prices declined in Salt Lake County. That was a unique period in Sal Lake County’s real estate history. There had never been more than four quarter of declining prices. The return of prices to pre-recession levels should not be confused with a housing bubble.
Home prices will continue to increase
There are a number of factors that helped and will continue to help the housing market here in Utah. Although prediction is still positive for the area, experts don’t expect to see double digit rise in prices this year but a more moderate 5 – 7%.
For a complete free download of the 2017 forecast and Economic and Real Estate Market Outlook, visit our Utah Real Estate website.