Utah Houses for Sale
Over the past three years the state of Utah led the nation in real estate appreciation. It appeared that Utah was immuned from the housing crisis as property values skyrocketed in Northern Utah. The average price of homes for sale in Utah rose above the national average. Along the wasatch front, the average price of single family homes sold in 2008 was $258,000 with a median price of $222,500. Home prices from 2004-2007 went up too fast and now the Utah Real Estate market is correcting. Home sales in the Beehive State are down 30-40% compared with 2007. Home purchases have consistently declined since August of '07. Average prices have stayed steady in most areas, but there is a huge surplus of high end, and un-sold vacant properties on the market. Many of these properties were spec homes built by out of state real estate investors who were trying to make a quick fortune off of the appreciating Utah real estate market. This surplus of housing is haunting the wasatch front from Juab County through Salt Lake and up to Logan Utah. The areas least affected tend to be the areas with the most affordable housing.
Right now there are around 25,000 residential properties on the market in Utah. Most homes have been on the market for too long and many sellers are very motivated to just get rid of the property. The prices of Houses in Utah can range anywhere between a $40,000 turn of the century 800 square feet beater in Ogden, and a multi million dollar mansion in Park City. Almost everywhere you go it is a buyers market in Utah. The lending and mortgage market has also drastically changed in the last year. Many buyers are electing to use FHA home loans as there are not many other options for buyers with small down payments and limited credit history.

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