Utah Housing Prices climb to Insane, Unprecedented Heights!
Despite housing prices rising nearly 20% from March of last year, more buyers are purchasing homes than ever before according to the Utah Association of Realtors Stats.The median sales price for a home in Utah in March of this year reached a breakthrough price of $405,000. Another record breaking 4,390 home were sold last month. That’s more home sales than any other March on record with the UAR.
First time home-buyers are having an especially hard time finding a home to purchase that they can afford. The low inventory is causing multiple offer situations with buyers competing against dozens of other potential buyers. Dave Robison, owner of goBE Realty, said that is one of the hardest conversations to have right now, telling someone they can’t afford a home now. The reality is that many buyers with a lower budget will offer on 30 homes or more before winning a bid.
“That’s probably the hardest conversation to have is to tell someone, ‘Guess what? You can’t afford a home now.'”
–Dave Robison, 2020 President of Utah Association of Realtors
The Utah Association of Realtors also reported that new construction homes are being built as fast as possible but that trade supply issues and production costs are impacting their efforts.
Low interest rates are perhaps the only saving grace in this frenzied buyers market. They help buyers cope with the inflated prices of a mortgage with today’s pricing. Though, interest rates won’t stay low like this forever. It is a worry for future generates and their ability to afford a home in Utah in the future.
Existing home sales and builder inventory are still failing to keep up with the demand to produce enough inventory to satisfy buyer need. Because of this it is anticipated that it will me a very busy and competitive buyers market for several more months.
Bottom line: “We really need a lot more housing and we need it more affordable, ” says Robison.
For original interview visit: https://www.ksl.com/article/50154622/its-insane-utahs-median-home-price-climbs-to-405k-up-nearly-20-since-march-2020