The state of Utah is the home to the great salt lake, and one of the most undervalued housing markets in the nation. In the 2002 US census, Utah was listed as having 808,593 total housing units. The home ownership rate in the state is normally higher than average, the 2000 census showing Utah to have a home ownership rate of 71.5%. This is considerably higher than the national average for home ownership that year, which was 66.2%. This is peculiar, as the median value for homes in Utah at that time was considerably higher than average.
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The 2000 census showed the median value for an owner occupied home in Utah to be $146,100, as opposed to the national average of $119,600. Normally when the median value of housing is well above the national average one can expect a lowering in the home ownership rate. However, Utah seems to have bucked that trend. This may have to do with the economy in Utah, which is robust enough to see the 1999 census list the median household income in the state as $45,726 compared to the national average of $41,994.
Now might be a good time to consider purchasing a home in Utah, specifically Salt Lake City. People are coming to discover that despite having beautiful natural resources, low crime and a healthy job market, Salt Lake City is seeing a decrease in housing prices and sales. Local realtors insist that this is a temporary correction after such a bull national housing market rather than signs of a longer lasting burst.
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Statistics back up this prediction, the numbers for the Salt Lake County housing market in the first 5 months of 2003 show the average home sales price was down from $183,324 in 2002 to $179,893, and 4 or more bedrooms averaged $206,521, down from $212,562. The average days on the market was 60 days. This trend was a temporary drop following a national boom each time, and there is reason to think this is what is happening in Utah currently.
As such, it would be a good time to be a buyer as they have lots of inventory to pick from, and the interest rates are great.
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