The housing market in the U.S. has experienced a major uptick over the past two years. In 2016, existing home sales were the strongest they’ve been since 2006. More than a decade after the worst housing crisis in U.S. history, it seems we’re finally in a sustainable recovery period.
As we enter 2018, the housing market shows no signs of slowing, and is slated to remain among the world’s top performers, according to a forecast from Fitch Ratings. U.S. home prices are expected to rise 4.6% this year.
Utah is in good company; along with Nevada, Texas, Florida, California, North Carolina, Colorado, Tennessee, Oklahoma and Georgia.
Businesses continue to flock to many parts of Utah, making for a booming housing market that’s set to continue into 2018. The Provo/Orem region was recently ranked as the best-performing city by the Miliken Institute, thanks to a robust high-tech sector and broad-based job and wage growth.
In Salt Lake City, the median home price averages $360,000, and the market is predicted to grow 3.2% in 2018.