The market is experiencing rapid growth from many out of state buyers, allowing the local housing market and economy to expand. While production in the second half of 2016 is expected to level off some, expert expect the market to have one of its strongest years since prior to the recession.
Despite the fact that only 43% of new home starts in the second quarter were for product priced under $300K, experts expect 10,000 annual starts for a strong 2016.
The St. George-Mesquite market experienced a slight decrease in new home closings in the fourth quarter, and the median price also fell, which indicates the market is not gunning for an intense affordability squeeze this year.
Salt Lake City has become a magnet for millennials due to excellent job growth and an unemployment rate far below the national average. A tightened supply of existing homes has pushed some younger buyers into the new home market, but it has also upped prices.
Most of the Rocky Mountain Region didn’t have an end-of-year sales slump. In fact, after a strong fourth-quarter in most of the area, the Rockies are ready for consistent demand through 2015. So what’s their secret?
