A recently released Utah housing report points to clear signs of an economic recovery and housing affordability. [Continue Reading]
Market Research
Up-to-date market data including recent home sales, home values, market trends and much more.
According to the Mortgage Bankers Association, Record-low mortgage rates sparked a wave in mortgage applications for home purchase and refinancing last week, increasing more than 20 percent in a week. For the week ending Jan. 13, mortgage applications for refinancing applications jumped 26.4 percent while home purchase applications, a future gauge for home buying, increased 10.3 percent.
A Good Sign For 2012 Home Sales
The National Association of Realtors (NAR) released its pending home sales index figure last week, and for the second month in a row, the index is up. What’s more, the index has broken 100. This is significant because the only other time the index has hit 100 in recent years is when the home buyer tax credit was available.
“It is the natural, organic power of great affordability conditions and job creation that is bringing the index level up,” said National Association of Realtors Chief Economist Lawrence Yun. “This is a very encouraging sign.”
Park City Real Estate Update
Park City real estate sales were up nearly 15 percent in 2011 when compared to real estate sold in Park City, Utah during 2010. [Continue Reading]
According to the Utah Association of Realtors, Utah real estate sales continued rose again in November 2011, climbing more than 10 percent compared to 2010 and marking it the sixth straight month of home sales increases. Utah Realtors sold 2,523 homes, townhomes and condominiums during Nov. 2011, versus 2,285 sold in November, 2010.
Real estate housing prices are still trending down and won’t hit bottom until late next year or early 2013, according to a survey by Pulsenomics LLC of more than 100 economists, real estate experts and investment strategists.
Home sales in Salt Lake County during the month of October, 2011 rose 34 percent compared to October of 2010. According to the Salt Lake Board of REALTORS, there were 1,009 home sales in Salt Lake County compared to 752 home sales during the same month last year. This makes October the fifth consecutive month of year-over-year home sales increases. On the flip side, the median home sales price of homes sold in Salt Lake during October declined to $185,000, a 10% decrease from the median sold price of $204,700 in October 2010.
Distressed real estate, which includes foreclosures, short sales, HUD homes, and other bank controlled homes fell to 28 percent of the total real estate market. During September, distressed properties controlled 30% of the market. For homeowners, this means the downward trend in home prices should start to ease a bit. For home-buyers, the lower number of distressed properties means the foreclosure and short sale inventory is shrinking, potentially limiting the number of good deals available. These figures are according to the latest numbers reported in the Realtors Confidence Index.
Foreclosure filings rose nationwide in October compared to the month before, according to the latest report from RealtyTrac. One in every 563 housing units, or 230,678 properties, received a filing — a default notice, scheduled auction, or bank repossession — in October. While that’s a 7 percent jump from September, filings were still down nearly 31 percent from October 2010.
During October 2011, the number of existing homes sold improved and the number of houses listed on the market declined according to research by the National Association of Realtors.
Existing home sales, including single-family, townhouses, condominiums and co-ops — rose 1.4 percent to a seasonally adjusted annual rate of 4.97 million nationwide in October from a downwardly revised 4.90 million in September, and are 13.5 percent above the 4.38 million unit level in October 2010.
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