DD Web • September 17, 2018
Inventory Control: No Pain, No Gain(s) for Utah Home Buyers
Utah home buyers — along with home buyers across the nation — have felt the long-running squeeze of high home prices and low inventory. Though the Wasatch Front is facing a housing crunch with growing affordability issues similar to other large metros, a new report indicates that relief from rising home prices is on the horizon (whew!).
The nation’s overall housing inventory increased 12.2% in the second quarter, the biggest gain since early 2015, according to a report from Trulia. Thirty of the nation’s 100 largest metro areas saw their housing supplies increase on an annual basis last quarter. That’s up from just 13 earlier this year and represents the largest share of big cities with increasing inventories in more than 3 years.
While it may be too early to tell for sure, it’s looking to be the start of a shift in inventory. An acceleration in new home construction as well as the willingness of more existing homeowners to put their homes on the market are the biggest contributors to this shift. New, smaller units are being snatched up by millennial homebuyers and retiring baby boomers who are downsizing.
So, what does this shift look like for Utah home buyers? Salt Lake City was one of the largest metro areas with big inventory gains this past year (coming in just behind Nashville, Tennessee). Here are the top metros with housing supply increases, according to Trulia.
-Nashville, TN: 52%
-Salt Lake City, UT: 48.6%
-Dallas, TX: 32.4%
-Washington, D.C.: 21.9%
-Little Rock, AK: 13.4%
Adam Kirkham, president of the Salt Lake Board of Realtors, noted that local builders have had trouble keeping up with demand for housing units, which has created a major seller’s market that has resulted in rapidly rising home prices. With more inventory on the market, however, we will likely begin to see this turn around going into the final quarter this year and into 2019.
With millennials making up a large percent of future Utah home buyers, these gains couldn’t come at a better time. Millennials make up 15.5% of the total population in our capital city, according to realtor.com. “Millennials want to buy, but record-low inventory [has made] it extremely difficult,” said Danielle Hale, chief economist for realtor.com. Continued inventory gains will continue to draw in millennial home buyers in an already hot market that is rising in popularity with this younger demographic.
It’s true what they say…no pain, no gain — even in the real estate world! If you have any questions about the future of the Utah housing market, reach out to an expert for the latest market indicators and inventory updates.
At Novation Title, we take immense pride in being recognized on the 2024 Top Latino-Owned Business List ! As a Latino-owned company, we are passionate about empowering our community through homeownership—one of the fastest ways for Latinos to build generational wealth in America. Why Hispanic Homeownership Matters Homeownership is more than just buying property; it's about creating stability, financial security, and opportunities for future generations. We believe in providing the resources and education needed to help our Latino community navigate the path to homeownership with confidence. Educating & Supporting Latino Homebuyers Our team uses key insights from the NAHREP (National Association of Hispanic Real Estate Professionals) reports to share real data on Latino homeownership growth and opportunities. We know that numbers don’t lie , and we want to ensure that every aspiring homeowner and entrepreneur has access to the right information. Advice for Latino Entrepreneurs For those looking to start a business in the title and real estate industry, our advice is simple: educate yourself and lean on data. By understanding the numbers and trends, you can position yourself for long-term success. Thank you to our community and partners for trusting Novation Title. Together, we continue to break barriers and build wealth through homeownership!
At Novation Title, we take immense pride in being recognized on the 2024 Top Latino-Owned Business List ! As a Latino-owned company, we are passionate about empowering our community through homeownership—one of the fastest ways for Latinos to build generational wealth in America. Why Hispanic Homeownership Matters Homeownership is more than just buying property; it's about creating stability, financial security, and opportunities for future generations. We believe in providing the resources and education needed to help our Latino community navigate the path to homeownership with confidence. Educating & Supporting Latino Homebuyers Our team uses key insights from the NAHREP (National Association of Hispanic Real Estate Professionals) reports to share real data on Latino homeownership growth and opportunities. We know that numbers don’t lie , and we want to ensure that every aspiring homeowner and entrepreneur has access to the right information. Advice for Latino Entrepreneurs For those looking to start a business in the title and real estate industry, our advice is simple: educate yourself and lean on data. By understanding the numbers and trends, you can position yourself for long-term success. Thank you to our community and partners for trusting Novation Title. Together, we continue to break barriers and build wealth through homeownership!
Welcome, 2020! We made it through the first week of the New Year and are already excited for what’s to come in this brand new decade. Anything can happen, and we have so much to create! Whether you’re a fan of long-term resolutions or prefer setting smaller, short-term goals, it feels good to start the year off with a desire to change for the better. If you know us, you know our approach at Novation Title has always been goal-centric, not only within our business but in our personal lives and out in the community. In today’s world where we are constantly connected (and distracted), it’s no wonder that we increasingly find ourselves overwhelmed mentally and physically drained. Often, the issues in everyday life are the ones that prevent us from enjoying the very same everyday life! How can we balance this out? We believe we can do better. That is why we are introducing meditation into our workspace. While meditation has been practiced for over 5,000 years, it is increasingly becoming a necessary way for us to unplug from the modern world. But what, exactly, is it? Meditation is a practice where an individual uses a technique — such as mindfulness — to train attention and thoughts. Mindfulness is awareness, it is a state of peace. It is being in the present moment, intentional and serene. It is the process of being aware of your thoughts while also disconnecting from them so you can connect within. Connecting within is the highest form of intelligence and results in proven mental, emotional and spiritual health benefits. Here are just a few science-based benefits of meditation: Reduces blood pressure Increases serotonin production that improves mood and behavior Improves immune system Increase in energy levels Lessens stress and anxiety Increases happiness and creativity Clarity and peace of mind Increased memory retention and recall Enhances self-awareness and self-acceptance Each one of us, regardless of gender, age or other factors, undergo daily stress and tension at some level or the other. That’s why we’re so excited to introduce #NovationMeditation into our business and we encourage others to join us this year. We can ALL benefit from improved mental and physical health in 2020. Who’s with us?!
