There’s been much speculation regarding a housing bubble crash. However, current stats and interest rates are telling a different and encouraging story.
Year over year we have seen:
- 41% less active listings
- 22% more properties in escrow or under contract
- 7% average appreciation since July 2019
With historically low interest rates, the housing market continues to grow. The Fields Team has seen clients lock in rates at 2.375% for FHA financing and 2.75% for conventional financing. Right now, a 30 year fixed is 3.03% with a 15 year mortgage rate at 2.51%. It is a fantastic time to buy.
Other important Utah housing market stats include:
- Home sales are up 10.8% year over year
- Median days on the market are 18
- Median sold price has increased year over year
According to the Mortgage Bankers Association, purchase applications for new homes are up 54%.The overall market is on an upswing. What does all this mean?
It means, despite Covid-19, a housing bubble crash is unlikely and 2020 remains a fantastic time to buy a new home or upgrade your current home. Homes are selling quickly and there’s no time like the present to start searching for your dream home.