Salt Lake Homes Prices May Not Have Hit Bottom
In Salt Lake, 
the days of rock-bottom housing prices may NOT be reaching an end
According to the National Association of Realtors, existing home sales
fell for the fifth straight month..
Here in Utah, particularly in Salt Lake County, Sales have increased for the last 4 months. While sales numbers are less than a year ago at the same time monthly homes and condominiums in SLC that have sold have inched higher.
In addition, the difference between the listing price of Salt Lake Homes For Sale and the price the homes or condominiums sold for is still increasing.
The national housing inventory is down 900,000 from its July 2008 peak.
In Utah, homes for sale remain slightly higher.
These are two encouraging signs for the national Real Estate market.
Not so hot for Utah Real Estate !
Meanwhile, in a separate report, the Commerce Department said the supply of newly-built homes for sale is at a 7-year low. This, too, is a positive signal for housing.
Home values are based on supply and demand. If the number of homes for sales falls while the number of buyers stays constant, home prices will rise. This is because the same number of buyers are competing for fewer properties. It's basic economics and that may be what we're seeing right now in the marketplace.
But the balance could shift further. Remember: the March housing data doesn't account for first-time home buyers that used the $8,000 First-Time Home Buyer Tax Credit. Because the stimulus package didn't pass until February, buyers on the program likely hadn't closed on their respective homes before March data was released.
There's a big piece of the demand side of the equation unaccounted for, in other words, and if you're an active home buyer now, you're probably hearing a lot about multiple-offer situations and seeing this action first-hand.
Data from the housing market hasn't been outstanding, but it's definitely not looking worse. Sales levels, inventories and home prices appear to be leveling off nationally and the number of active seems to rising.
Overall, it points to higher home values ahead.
In Utah, and Salt Lake in particular we may just have a short way to go.
A local Realtor can show you where prices are, and educate a seller about where they will be if they don't consider your offer.
To discuss trends in Real Estate prices around Salt Lake City Utah or anything Real Estate related, give us a call @ 801-567-0946.
For up to date Real Estate information visit our web site, Salt Lake Real Estate.
To see thousands of homes for sale in Salt Lake click on our MLS feed at Homes For Sale In SLC. You will get photos, maps, directions, addresses and useful information about all areas of the home buying experience.
In the meantime, stay in touch, it's very close, but Salt Lake Home Prices may not have hit bottom.