While places like California and Florida saw their home prices decline over the last year, Utah was a different story. Home prices for the fourth quarter 2007 went up 9.27% compared to the same quarter in 2006, which was the largest increase in all 50 states. What’s more, that was the fifth consecutive quarter Utah led the nation in house price appreciation.
At a city level, four out of the top 10 cities were in Utah, Salt Lake City no. 7, Ogden-Clearfield no. 4, Provo-Orem no. 6 and Logan was no. 8.
However, all good things come to an end. The Utah housing market has slowed considerably over the last couple of quarters and the home sales data for the first quarter 2008 is due to show a considerable tightening of the market. The number of homes sold is way down on last year’s numbers, (for example, 687 in Feb 2008 compared to 1,148 in Feb 2007) and the days on market are climbing accordingly.