A general assessment of the Utah Housing Market would mark it as the most appropriate for investing upon, considering its present status. A significant rise in the new housing starts of the Utah Housing Market in the last Quarter of 2006 indicates the growing demands for new houses in this region.
This increased rate of new housing starts in the Utah Housing Market is in stark contrast to most of the nation that is undergoing a receding rate of new home production. To add to it, an increased new home closings surpassed even the increased rate of new housing starts, reflecting the urgency of the builders. These calculations were carried out by basically taking into account the greater Salt Lake region including :
- Salt Lake
- Davis
- Summit
- Utah
- Wasatch
- Weber counties.
Located just above the desert state of Arizona in the south-west corner of US, Utah is dependent upon transportation, information technology and research, government services and mining for its economy. The state is also known for the activities of outdoor recreation that have also made it a major tourist destination.
The population of Utah is mainly urban, concentrated in and around Salt Lake City. The population OF Utah is the 6th most urbanized in the US making the Utah Housing Market one of the busiest and most happening.
The Utah Housing Market also achieved the second-highest appreciation rate of housing prices (houses became among the costliest in the US) behind only Idaho by a very small margin in the last Quarter of 2006, a considerable progress upon its own record of being the tenth in the standings of the second Quarter. `
The increase in the rates of both new housing starts and closures of new home productions in turn led to the rise in the number of unsold, completed, single-house stock in the Utah Housing Market.
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