Aaron Edelheit runs American Home Real Estate Co., which focuses on buying and renting homes in the southeastern U.S. Edelheit, a talented stock picker, is winding down his equity management firm to focus on U.S. housing. Edelheit Says:
Utah home sales in 2011 were the highest they’ve been since 2007, according to a new report from the Utah Association of Realtors. Compared to 2010, sales were up nearly 9 percent. If you are looking at buying in Utah, this is the time to do it before prices rise.
“We’re seeing higher sales because of increased homebuyer confidence, affordable home prices, stronger employment and record-low interest rates,” said Lori Chapman, president of the Utah Association of Realtors. “In Salt Lake, homes sales are expected to rise 15 percent in 2012.”
On top of the 38% increase in existing home sales Utah enjoyed in Q3 2011 (over Q3 2010), our state’s inventory has been drastically reduced. This is supply and demand 101 folks. Supply is declining, both existing (on the market) inventory and shadow inventory (pent up foreclosures not released to market by banks) are down.
Simply stated supply is down, demand is up and home prices should follow.
The National Association of Realtors recently released their 2011 3rd Quarter Housing Report. In the report, they showed that combined sales of single family homes, condos and co-ops increased in EVERY state as compared to the 3rd quarter of last year. Here are the state-by-state numbers.
Continue Reading Home Sales Increase Across the Country
