Tuesday, December 10, 2013

Utah House Prices Increase 11.7 Percent Over the Last Year

Jim Robson, Economist

Utah home price appreciation in the 3rd quarter 2013 compared to a year-ago, 3rd quarter 2012, was 11.8 percent , ranking Utah 7th highest in price appreciation among the States and D.C., according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). This is the 7th consecutive quarter with year-over Utah home price appreciation, continuing the upward climb in prices over the past two years from the lows of the recent recession. On a seasonally-adjusted base, Utah home prices are still 10.0 percent below the peak level of 3rd quarter 2007 (see Figure below).

The HPI is calculated using home sales price information from mortgages sold or guaranteed by Fannie Mae and Freddie Mac. The news release from FHFA can be found here.

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