It’s one thing for me to tell you how great the Salt Lake City real estate market is. After all, it’s my job – I’m not totally unbiased, I get it. But it’s another thing entirely when the numbers back that fact up – which, of course they do. According to our local news outlet Desert News, housing in both Salt Lake and Utah in general is on the up, helping create some economic improvement all across the board.
The data comes from the Zions Bank Consumer Attitude Index, a monthly analysis that basically amounts to telling you how good people feel about the economy and why. The latest stats show that the index grew by 2.8 points in August – maybe a small-sounding number on its own, but put into perspective, it’s the highest level since the index was created way back in January 2011.
The report goes on to say that real estate in Utah has hit a 13.5 percent year-over-year rate of increase and that this trend isn’t slowing down anytime soon.
“Since the summer of 2012, positive movement in the state’s housing market has promoted Utah’s overall economic growth,” said Randy Shumway, a chief economic adviser with Zions Bank. “High demand, low supply and fewer distressed properties have led to significant home price increases, a primary factor in the state’s overall economic recovery.”
Since the lowest points of the recession, housing prices have grown 9.4 percent and construction starts on new properties have increased 73 percent. Coupled with continuously declining delinquency rates, the economy in Utah is clearly surging forward in a big way.
If you’d like to take advantage of the always-improving Salt Lake City real estate market and find a home best suited for you and your family, contact one of our specialists at Muve Real Estate.