Want to Buy a Utah Home? Hurry
The number of pending home sales throughout the nation is up, the National Association of Realtors announced in a May 30 news release. If you’re looking for a Salt Lake City home to buy, now is a great time. As demand rises, so will prices.
America’s pending home sales did take a shallow dip in April, but that was after three consecutive months of gain. I’ll remain cautiously optimistic. Just keep the good news coming my way.
The Pending Home Sales Index looks forward at indicators based on contract signings. Pending home sales rated 101.1 in March this year and then fell slightly to 95.5 in April. Despite the dip, the index is 14.4 percent higher than it was in April 2011 (then it was 83.5). This data represents homes under contract, but not home closings.
“Home contract activity has been above year-ago levels now for 12 consecutive months. The housing recovery momentum continues,” Lawrence Yun, NAR chief economist said. Yun is optimistic this year will represent the best housing market performance since 2007.
“All of the major housing market indicators are expected to trend gradually up, but a new federal budget must be passed before the end of the year for the economy to continue to move forward,” Yun added in the report.
Here in the West the index is 5.1 percent above that of a year ago. The average median price of homes will gradually rise as the news gets better. That’s great news for the Utah housing market, but it is an indication to those on the fence about buying a home that prices will rise in the not-so-distant future.
Browse our online Salt Lake City home and Utah home listings online anytime. When you find something you like, give me a call at 801-673-3333. I can’t wait to help you with your next Utah home transaction.