Salt Lake City boasts increased home prices, record jobs
For the fifth month in a row, prices on real estate in Salt Lake City posted an increase, according to the Salt Lake Tribune. In August, home inventory was low and more individuals were looking to buy properties, which sometimes ended in bidding wars between potential buyers.
The median price of condominiums and homes sold in August increased from $185,700 the previous year to $204,950. The last time the city saw a consecutive gain similar to this was in 2007. Similarly, the number of homes sold during August increased by 21 percent year-over-year. This shift has made the Salt Lake City market much more of a seller’s market, because there are currently many more buyers than sellers.
On September 25, the Standard & Poor’s/Case Shiller Home Price Index reported that U.S. home values grew approximately 1.6 percent in July over the month prior, and 1.2 percent year-over-year. These statistics may be giving Americans more confidence in the real estate market, and the demand for new housing has gone up.
"For the first time in five years, home prices are on the rise," said Donna Pozzuoli, president of the Salt Lake Board of Realtors. "In many instances, buyers are competing for the same property. This competition, combined with limited inventory, is driving home prices higher."
In Salt Lake City, new reports have come out noting that the state generated a record number of new jobs and retained thousands. The Economic Development Corp. of Utah said it had created 8,747 jobs and retained 2,764 during the fiscal year that ended in June. A year earlier, the group created 7,313 jobs and retained 1,346, according to the Salt Lake Tribune.
Many businesses are attracted to the city because of its record fiscal stability. Companies find comfort in knowing what the tax rate will be today, tomorrow and 10 years down the road, according to Jeff Edwards EDCUtah’s chief executive officer. Many states have issues balancing their budget, which results in tax increases or cuts in services. Similarly, the workforce in Utah has a solid reputation of educated individuals who are on time and are loyal to their employers, according to Edwards.
So far, this fiscal year, which began in July, EDCUtah has created 1,110 jobs and retained another 350. Officials believe that rate will increase after the presidential election.