Like the rest of the country, the Utah housing market has slowed.  Unlike the rest of the country, the Utah housing market is one of the few positioned to rebound soon.  The Utah housing market is different from most of the nation and the doom and gloom reported in the national media is not representative of our local conditions.  See the recent Forbes article on the Utah housing market.  Below are an accumulation of articles and statistics supporting a healthy Utah housing market moving forward.

Continuing population growth and demand for homes.  The Utah Association of realtors reports a Utah population growth of 85,000 in 2007 translating into 25,000 to 30,000 new households.  Utah is forecast to add 84,000 people to the population in 2008 with additional strong growth thereafter.  The increase in population is buoyed by job growth, exports, manufacturing, low unemployment and quality of life amenities.

The Utah economy is strong.  About 52,500 jobs were created in Utah over the past year and wages have been growing between 5 to 10 percent.  Utah unemployment averaged about 2.6 percent over the past year, nearly twice as good as the U.S. average of 4.6 percent.  Mark Knold, senior labor market economist with the Utah Department of Workforce Services, said Utah remains far and away the economically performing state in the nation.  Kelly Matthews, executive vice president and economist for Wells Fargo Bank said Utah’s economy is the best it’s ever been and will continue to be so at least through the first half of next year.

“Utah will be one of those rare places in the next few years in America’s real estate landscape, according to economists, who expect Utah markets to produce slower real estate sales, but not completely halt as a result of the credit crisis.  The state’s economy is attracting too many new businesses to stop growing, and is in the top five Housing Predictor states for real estate growth in 2008.”  (The Housing Predictor – Independent Real Estate Market Forecasts).

• Salt Lake City, Utah; $233,100; 21.9 percent
• Binghamton, N.Y.; $111,200; 19.8 percent
• Salem, Ore.; $227,900; 16.7 percent
• Farmington, N.M.; $201,900; 14.0 percent
• Allentown-Bethlehem-Easton, Pa.-N.J.; $274,500; 12.8 percent
• Beaumont-Port Arthur, Texas; $127,700; 11.8 percent
• Reading, Pa.; $157,800; 11.2 percent
• Glens Falls, N.Y.; $175,700; 10.7 percent
• Spokane, Wash.; $197,700; 10.4 percent
• Cumberland, Md.-W.Va.; $109,300; 9.3 percent

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