Utah’s Economy: Housing Prices and Job Growth Accelerate in the Second Quarter

New PictureHousing price increases have accelerated over the past year. In the third quarter of 2014 the statewide price increase was 2.3 percent, followed by 4.3 percent in the fourth quarter, 5.0 percent in the first quarter of 2015 and 7.9 percent in the second quarter. Among the five major counties Weber County leads with a gain of 13.5 percent in the second quarter. Weber County’s affordable housing has attracted more buyers – home sales were up 25 percent in the second quarter – pushing up prices. Despite the sizeable recent price jump, home prices in WEber County are far below prices in the the other major counties and the statewide median. In the second quarter of 2015 Weber County’s median sale price was 25 percent below the statewide median.

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