We have been talking about the real estate recovery in Southern Utah in 2012. The market continues to have too little supply to keep prices from rising. This is the case for existing homes, new homes, lots, and unimproved land. We expect to see price increases across all real estate asset types in Southern Utah in 2013.
This trend isn’t just a local trend. It is nation wide. The Los Angeles Times, Bloomberg, and the Salt Lake Tribune are all running articles on the November home sales that hit a three year high. On average across the country, there is only 4.8 months supply of inventory, compared with a typical 6 months supply of inventory. Most home builder stocks are up over 100%.
Expect a strong 2013 in the real estate markets in Southern Utah. You can read our most recent market update for Southern Utah here.