Utah Real Estate News-Homes Are Affordable!
Here in Utah we have some great Real Estate News. HOMES ARE AFFORDABLE
Utah Homes For Sale are the most affordable they've been since 2004.
In the weekly Presidents Message, written by UAR President Chris Sloan and published in The Salt Lake Tribune I saw a lot of reasons for optimism.
With apologize to Chris I am not going to print the entire article, but if you want to read what he has to say stop by his blog @ Utah Real Estate.
I just want to share some bullet points with you and maybe get a reaction or two.
All of these points come from Chris's blog article and contain quotes from the new report from the National Association of Home Builders (NAHB), which is the trade association for New Construction, (New Homes), and Wells Fargo Chief Economist, Kelly Mathews, both of whom have a pretty big dog in this fight.
Heres what they all had to say about the future of home buying and selling in Utah.
Utah homes for sale are the most affordable since 2004.
Homes are becoming more affordable in all of Utah's metropolitan areas.
The NAHB considers a home affordable if payment is less than 28% of income.
Salt Lake County families have a median income of $67,800.
Over 70% of Salt Lake families could afford homes sold in 2nd quarter of 09.
Last year it was 54.6%.
Record low was 2007, when homes sold were only affordable to 31% of SLC families.
Provo-Orem has a median income of $62,900.
Last quarter, 71.3% of the homes sold were affordable.
Record Lows of 22.5% were logged just 2 years ago.
Ogden-Clearfield had the highest housing affordability with an 81.5% rating.
That number is up from 68% just last year.
St. George is at 57% up from 36.8 % last year.
Affordability gains are a result of reduced home prices and lower mortgage rates.
Homes for sale in Utah are about as affordable as they were in 2004.
NAR shows pending home sales up for the record sixth consecutive month. So maybe we do have reasons to be optimistic.
Home sales in Utah, and the overall Real Estate business in the state is looking up.
But what about your local area.
What about horse property in South Jordan, or Sandy UT.
How much is that Condo or Town-Home in Murray UT, or West Jordan.
To find out the answer to these and other Real Estate related questions, stop by our website @ SLC Homes and see what we have to say.
Or call us @ 801-567-0946 we'd love to show you where Utah homes are most affordable.