DD Web • July 23, 2018
Where’s the Supply? Salt Lake Housing Inventory on the Rise
The Salt Lake housing market is hot — real hot. As the capital city in one of the fastest-growing states in the nation, the shortage of housing inventory and rising home prices is making it increasingly difficult for prospective home buyers to get a foot in the door.
Salt Lake City, along with San Jose, Seattle, Omaha and Minneapolis are among the toughest (but most sought after) areas in the country especially for prospective millennial home buyers, due to a combination of low housing inventory, escalating real estate prices and increasing demand.
But change is on the horizon. With new-home construction on the rise, Salt Lake City is currently ranking #2 in the nation in year-over-year inventory increases.
Utah’s largest metropolitan city as one of the nation’s ‘hot markets’ can be attributed to the state’s strong (and sustained) economic growth. “Especially in the last year, you look at the economy growing at about two times the pace of the U.S. average,” says Javier Vivas, director of economic research for realtor.com. “The other part is the city itself is becoming a place where people actually want to put down roots. That’s where we’re seeing some of that millennial demand build up in the last 18 months.”
According to a recent report by Trulia.com, thirty of the nation’s 100 largest metros posted annual inventory increases for the second quarter, of which 25 rebounded from inventory decreases last year. Salt Lake City was second only to Nashville, Tennessee, with a 48.6% second-quarter inventory increase, rebounded from a 16.0% decrease last year.
Here’s a list of the top 10 metros with the largest inventory growth, according to Trulia:
1. Nashville, TN
2. Salt Lake City, UT
3. Fort Worth, TX
4. Dallas, TX
5. Greensboro, NC
6. San Diego, CA
7. Washington, D.C.
8. Portland, OR
9. Silver Spring, MD
10. Little Rock, AR
More properties may be on the market, but the upward creep of home prices is putting homes in these metros in tougher competition. An increase in new inventory will help cool off the bidding wars in these areas, and with a strong economic outlook for the next year or two, Salt Lake housing inventory will likely continue on a path of growth.
Questions about the Salt Lake housing market? Reach out to a real estate professional for market updates and home buying advice!
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?!
