Salt Lake Real Estate - Home Sales On The Rise
According to James Wood the Director of the University of Utah's Bureau of Economich and Buisness research, the Utah housing market will continue to grow in 2014.
Wood noted that 2013 saw a 5% increase in sales of single-family homes and a 26% increase in condos, townhomes and twin home sales.
Because of the strong economy in Salt Lake County there was an increase in the demand for housing in 2013. Wood incicated that beacuse there was an increase of 40,000 jobs and that the unemployment rate is less than 5% in the area. This means that the real estate and home building sectors will continue to be strong.
Sandy showed a strong gain in real estate sales, increasing 6.8% over 2012.
Draper sales grew 3.8% with 525 homes sold in 2013 up from 506 sales in 2012.
Wood expects that home prices will rise between 5-7% in 2014. He also expects that sales of single-family homes will increase by 7% relieving some of the pent-up demand for housing.
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