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Utah’s home inventory is declining while sales prices are soaring

On Behalf of | Aug 3, 2018 | Real Estate Law |

A limited inventory of houses is causing home prices to steadily increase across in many parts of Utah. This is occurring at the same time that thousands of prospective new residents are being attracted to the state by its strong economy.

This has led the Salt Lake Board of Realtors president to conclude that it’s likely that the housing market in Utah will likely remain tight for the next few years. Data presented at a meeting of the Salt Lake Board of Realtors at the end of the July showed that home sales in that county decreased by nearly five percent between April and June of this year compared to the same period last one.

In Davis County, home sales rates during this same quarter had dropped 0.7 percent. In Tooele County, they’d declined 8.8 percent. In Utah County, they’d increased by over three percent and in Weber over four.

While home sales rates in these Utah counties have declined over the past year, the prices that they’ve sold for have not. The average single-family house in Salt Lake County currently sells at $352,500, at least $15,500 over what one was selling for last year.

Surrounding counties have experienced much a higher spike in home sales prices than eight percent. In fact, home sales rates in Tooele County have increased by as much as 21 percent last year.

Statewide home prices have increased over three percent on an annual basis for more than a quarter of a century. Real estate analysts suggest that a lack of skilled construction workers, high building material costs and a reduction in inventory of undeveloped land have all fueled this price hike.

At a time like now, where the inventory of homes is low and prices are at all time highs, you’ll want to make sure that all of your paperwork is in order to ensure that your purchase or sale goes through. A St. George real estate law attorney can help you along either the residential or commercial buying process from start to finish.