BUSINESS + ECONOMY

Utah home prices increase despite Covid-19

Jun 23, 2020, 11:42 AM | Updated: 11:50 am
New Home Construction. Photo Courtesy KSL-TV....
New Home Construction. Photo Courtesy KSL-TV.

SALT LAKE CITY – Despite weak sales numbers in May, Utah home prices are on the increase as summer sets in. One reason cited by industry experts is low-interest rates enticing buyers into the market. 

“We didn’t slow down, really.” said Christy Vail, with the Utah Association of Realtors in an interview with KSL-TV . “There might have been two or three weeks where it was a little quiet, but overall, I think people are very positive and forward-thinking about home buying.”

Utah home prices on the increase

Vail said multiple offers are on the table for Utah sellers largely because of the low-interest rates. 

Nationally home sales are up 2.3%. In Utah the market is brisker, being up by 4%.

Research analyst Dejan Eskic from the University of Utah’s Kem C. Gardner Policy Institute stated Utah’s housing shortage is continuing to bring up home prices. 

“Prices aren’t going down,” said research analyst Dejan Eskic. “As a matter of fact, they are still up over last year when we compare month-to-month.”

“Although we are seeing a decrease in the number of listings, we are seeing a record number of closings,” said Eskic.

A 10% to 12% decline in housing is expected largely because of construction slowdowns in March and April. 

Rethinking their home size

Since so many people have been spending so much time at home many are rethinking their home size. Interestingly, many are thinking of sizing down. On the other side, some people may be thinking they need larger homes to meet their demands as they work from home. 

Signs of some trouble

There are reports that about 4 million Americans are behind on their mortgage payments according to Black Knight, a mortgage data company. Delinquency numbers haven’t been this high since 2011. This number includes people that have arranged for a forbearance to repay their loan. Delinquencies are up about 50% over the past two months. 

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Utah home prices increase despite Covid-19