Utah's real estate recovery gained momentum in 2012. According to Jim Wood, Director of the Bureau of Economic and Business Research, some of the most notable features of the 2012 market include:
*A 15% increase in homes sales
*Nearly 2.7 billion in home sales value; $500 million more than 2011
*A 6% increase in the median sales price of a home; $199,000 in 2011 to $211,000 in 2012
*The lowest inventory of foreclosure filings in four years; a decline of 47% from the peak quarter
*Housing affordability at near record levels, 80% of homes sold in 2012 were affordable to the median income family
*An average mortgage rate of 3.66%; the lowest rate in 60 years.
Utah has had 30 consecutive months of job growth and ranks fifth among all states in relative job growth. In the past year all of Salt Lake County's 15 cities have seen an increase in existing home sales. In 2013 Salt Lake County's real estate recovery will gain momentum. Strong job growth and low interest rates will give a boost to both buyer confidence and housing affordability.
Utah Home Builder, Cameo Homes Inc.