Home prices continue to increase as number of sales crash
UTAH — Home buyers could face bidding wars in the coming months with increasing home prices entering the market.
The National Association of Realtors (NAR) said while homes sales dropped 10% in March, prices still increased nearly 8%. That’s because there are still more buyers than sellers in the market right now.
But, it is expected to get even worse. Both the NAR and the website Zillow predict inventory of homes will drop somewhere between 30-40% in the next few months. But, as coronavirus restrictions are lifted, many home buyers will be jumping at the lower interest rates.
That could cause bidding wars and home prices to skyrocket.
That doesn’t bode well for Utahns. A new report from Construction Coverage said the Beehive state is already the 15th toughest market for first-time buyers.
Experts say housing markets in the West are most likely to continue to rise than the rest of the nation, mostly due to lack of inventory. But they also state all real estate is local.
Prices going up or down will depend on whether the economy in those areas are mostly driven by leisure and hospitality, technology or the oil industries.
Today’s Top Stories
- Boy dies after falling from slide at Rose Springs Elementary School
- Man’s arm partially amputated by farm equipment Tuesday afternoon
- Brigham City Police locate missing teenager
- Utah delegation’s reaction to Biden’s State of the Union Address
- New photo of Gabby Petito raises questions
- GoFundMe created for passing of two employees at Northrop Grumman
- Looking for a New Winter Activity? Try Skijoring in Bear Lake
- Utah snowpack at a 10-year-high
- Ogden Police looking for driver that hit a crossing guard
- Utah Corrections offers more details on recent assaults against officers