I recently posted our area local Market Update on my Spring Bengtzen Realty Group Facebook page.
Home prices in Davis and Weber Counties are still on the rise!
That is good news, but you may be wondering if homes are going to get out of reach to purchase here in the Northern Utah area, especially with the increase in mortgage interest rates.
The good news is that according to the National Association of Home Builders, “Ogden-Clearfield, Utah, was rated the nation’s most affordable major housing market for a fourth consecutive quarter.” According to the NAHB, 92.8% of the homes sold in the Ogden/Clearfield area were affordable to families with a median income of $70,800, which was lower than the previous month at 93.4%. However, according to the National Association of REALTORS® news release, “Despite rising prices and higher mortgage interest rates, a companion breakout of income requirements to buy a median-priced home on a metro area basis shows most buyers remain well positioned to afford a home in their area.”
In the same news release, “Lawrence Yun, NAR chief economist, said tight inventory is continuing to drive home prices. “There continue to be more buyers than sellers, and that is placing pressure on home prices, with multiple bids common in some areas of the country,” he said. “Higher interest rates are now causing sales to level out, but the tight supply conditions look to be with us for the balance of the year in most of the country.”
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