With high demand and increased competition for available homes, Utah’s real estate market is stronger than ever. In the National Association of Home Builders’ Spring 2016 Construction Forecast, economists predict that the demand for single family homes will continue to drive Utah’s real estate growth.
At the national level, single family home production is expected to rise by 19 percent, with 964,000 units anticipated by 2017. This is a boon for states like Utah, California, and Oregon, where demand exceeds the total number of available homes.
“Builders remain cautiously optimistic about market conditions,” NAHB Chief Economist Robert Dietz said in a World Property Journal interview. “2016 should be the first year since the Great Recession in which the growth rate for single-family production exceeds that of multifamily. And we see single-family growth accelerating in 2017 as the supply side chain mends and we can expand production.”
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This news summary contains excerpts from World Property Journal article dated April 29, 2016.