Bodily said he has more work than he can handle, but most of it is for investors hoping to make money on speculative homes yet to be sold.

"I think the market is being flooded with spec properties at the moment," Bodily said. "The builders are making good money right now because they get their money up-front. But I wonder what is going to happen with all these investors."

For now, Utah homeowners and builders are riding the housing wave, hoping it will last amid a national slowdown.

The house-price index is based on transactions involving conforming, conventional mortgages purchased or securitized by Fannie Mae or Freddie Mac. Only mortgage transactions on single-family properties are included. The index measures price changes in repeat sales or refinancings on the same properties.

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