Utah NO. 2 in Home Price Increases
By Lesley Mitchell
The Salt Lake Tribune
Article Last Updated: 05/22/2008 02:02:19 PM MDT
Updated: 2:01 PM- Utah is No. 2 among states in home-price appreciation with a 5.6 percent increase, relinquishing the top spot to Wyoming, which posted a 6.3 percent gain, according to a report released today. Montana rounded out the top 3 with a 4.9 percent increase, according to the House Price Index report by the Office of Federal Housing Enterprise Oversight.
The downturn in real estate markets throughout Utah has pushed home sales down and led to moderating home prices. Utah slipped to No. 2 after five consecutive quarters in the top spot. Nationally, prices were down 3.1 percent in the year that ended March 31.
Salt Lake City is ranked No. 22 among nearly 300 areas in home-price appreciation from the first quarter of 2007 to the same period this year with a 5.4 percent gain, the report shows.
But two of Utah's metro areas ranked in the Top 10. The Provo-Orem area was No. 6, with a 6.8 percent gain in home prices over the one-year period. Ogden-Clearfield was No. 9, with a 6.6 percent increase. The Logan area was No. 15, with a 6 percent increase. Among Utah areas, St. George had the worst ranking, No. 235, based on a 3.7 percent decline in home prices over that one-year period.
