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What is happening with Utah’s housing prices, affordability and what is forecast for the market in 2022? These are just a few of the real estate topics we’ve delved into recently.
By far, the most likely outcome for housing prices in Utah over the next two to three years is a period of price moderation similar to what occurred after price accelerations in the late 1970s and the mid-1990s.
The only instance in the past 75 years of housing history when price declines lasted more than a few consecutive quarters was in the aftermath of the Great Recession (2008-2011), housing prices fell by 15.6%.
An extended period of price declines created by a bursting bubble is very unlikely according to the data presented in the yearly Housing Forecast Report. Information is provided by Utah Real Estate and James Wood (Ivory-Boyer Senior Fellow, Kem C. Gardner Policy Institute, David Eccles School of Business at the University of Utah) and commissioned by the Salt Lake Board of Realtors.
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