Home Values Projected to Level Off
National Association of Realtors Chief Economist Lawrence Yun spoke recently of a "very boring" forecast for home sales in 2019 predicting that home sales will soften up and home appreciation will come back to earth. Said Yun, "Home appreciation will slow down--the days of easy price gains are coming to an end--but prices will continue to rise."
Yun remarked that the overall health of the US economy is solid noting low unemployment numbers, stable job growth, and wages beginning to increase. "This type of activity in the economy should support the housing market, even as interest rates rise," Yun Said.
Zillow.com projects Utah county's median home value to increase 3.5% in 2019. A more stable figure than the 9-10% appreciation that occurred in 2018. These are projections that should make buyers happy as the market frenzy continues to level off. Sellers are now needing to price their homes more carefully than in the past and buyers, in some cases, may be experiencing slightly less of a seller's market this coming spring.