From Deseret News archives:
Utah home prices soar in Utah
St. George among top 5 U.S. cities in appreciation
For the 12 months ended Sept. 30, Utah's home prices increased an average 11.37 percent, the biggest gain since the year ended March 31, 1995, when home prices appreciated 13.46 percent, according to a quarterly report by the U.S. Office of Federal Housing Enterprise Oversight.
The double-digit gains have propelled Utah to a No. 22 ranking among all states and the District of Columbia in house-price appreciation. That is a sizable comeback from the second quarter of 2004, when Utah ranked dead last.
Andrew Leventis, economist with OFHEO, called Utah's jump in house-price appreciation "very significant."
"Utah was certainly in the cellar for quite some time in the early 2000s," Leventis said. "Between '94 to '97, Utah had the highest appreciation rate in the country."
In fact, in 1995 Utah ranked first in the nation in house-price appreciation, climbing back from a 45th place ranking in 1988.
And it appears Utah is again on the rise, with some areas posting remarkable gains.
St. George beat out areas such as Merced, Calif., at 30.27 percent; Prescott, Ariz., at 28.31 percent; and Orlando, Fla., at 28.04 percent.
Keith El-Bakri, owner of St. George-based RE/MAX First Realty, said out-of-state investors appear to be driving St. George's residential market.
"I've been selling real estate since 1993, and I've never seen as many investors show up into communities such as we see here in St. George," El-Bakri said. "This past year I've dealt more with investors than I've ever dealt with before. They are buying everything."
The city's climate also is a major draw, he said.
"You've got 38 million baby boomers that are getting ready to retire," El-Bakri said. "Today, I'm driving down the street and my car says it's 61 degrees, and it's December. I actually played golf yesterday. This is the lifestyle that people want."
The report noted that Salt Lake City ranked No. 97 of the 265 cities, with 10.87 percent appreciation. Logan placed No. 115 at 9.10 percent. Ogden-Clearfield was at No. 136 at 8.05 percent, and Provo-Orem ranked No. 142 at 7.58 percent.
While many Utah homeowners cheer new-found equity in their homes, first-time homebuyers find the rising prices difficult to swallow.
Comments
- Jazz win in N.Y. for 1st time since '04 8:02 p.m.
- Suns outlast 76ers, 119-115 7:51 p.m.
- Quilt auction aims to benefit lives 7:44 p.m.
- Eating fruit not a cause of weight gain 7:44 p.m.
- Charcoal, cat-box filler help with odors 7:44 p.m.
- Wife and friend are too close 7:44 p.m.
- 'Brain' seems scattered 7:44 p.m.
- Locklear at 'Melrose Place' again 7:44 p.m.
- Tuesday on TV 7:44 p.m.
- Broncos have 1st quarter lead 7:26 p.m.
- TCU showdown has big implications
- Seniors helped BYU regroup
- Lambert surprisingly tops news
- Hope for single moms
- Bystanders framed for child porn
- Korver and Miles to be evaluated
- Prep girls soccer MVPs named
- Utah Jazz Extra: Whose hot/not
- GOP blasts Matheson after vote
- Newhouse Hotel, an explosive end
- Gay advocates trek to LDS office
269 - House passes health care bill
224 - Lobo suspended
180 - TCU showdown has big implications
173 - Cougars crush hapless Cowboys
154 - Utah Jazz fall apart against Kings
131 - TCU 4th in AP poll; U. 16th, Y. 22nd
112 - Thousands protest health bill
110 - RSL rallies to advance
103 - No 'backlash' for pioneers, gays analogy
94
Looks like celebrity and creative lawyers have once again managed to get...
um, Zack Adams graduate already. and San Juan took 2nd in 91 and 2000. Their...
I think the wasatch JD game is going to be a great game. I will be a pretty...
Of coarse we are feeling good. PG just won the state championship! quit bein...
I can't comment on your medical system...only on my experience here. I had...
For all the smack talk that has been said we are sorry from bingham we know...
Hurray | 1:24 p.m. Inflation is down so much those on Social Security won't...
See, I don't see Saturday's game as the MWC chamionship game for any team...
life is good in the MWC. I've attended several of the colleges that are in...
everything they accomplished last season with the beatdowns they'll suffer at...



You can be the first to comment on this story.