Solving Utah’s Housing Shortage

Northern Wasatch Association of RealtorsAdvice

Adam Speth2023 President, Northern Wasatch Association of Realtors Since 2020, the median home price in Weber, Morgan and Davis counties has increased 43% to $438,000 — rising more than $100,000 in just three years. Although the housing market has slowed in recent months, moderately priced housing is still incredibly difficult to find. As of March 20, there were only 229 houses for sale priced less than $400,000 in the three-county area.  While Utah’s housing shortage situation has improved — lacking about 32,000 units currently compared to more than 50,000 in previous years — demand for moderately priced homes continues to exceed the number available, and it’s only getting worse. Realtors worked with the Utah Legislature to address the shortage during …

2023 real estate forecast

Northern Wasatch Association of RealtorsAdvice

Stephanie Taylor2022 President, Northern Wasatch Association of Realtors After a rollercoaster year for the housing market, many are wondering whether we can expect less volatile conditions in 2023. Lawrence Yun, chief economist of the National Association of Realtors, recently provided some answers in a Real Estate Forecast Summit presentation. Yun’s predictions for the U.S. real estate market in 2023 include a 7% decline in U.S. home sales (much lower than the -16% expected for 2022), stable home prices (which will rise in some areas and decline in others) and mortgage rates around 6%. Here are some of the reasons behind his predictions: A home price crash likely isn’t coming Given the strong run-up in home prices and the falling home …

NWAOR Economic Forecast 2023

Northern Wasatch Association of Realtorsevent

Register at NWAOR Economic Forecast 2023 (google.com) Speaker Bios Natalie Gochnour serves as an associate dean in the David Eccles School of Business and director of the Kem C. Gardner Policy Institute at the University of Utah. She also serves as the chief economist for the Salt Lake Chamber. In these roles, she provides policy leadership that helps Utah prosper. Gochnour’s experience includes a diverse mix of public service and business experience. During her public service, she advised Utah governors Norm Bangerter, Mike Leavitt, and Olene Walker. She also served as a political appointee in the George W. Bush administration, serving as an associate administrator at the EPA and counselor to the secretary at Health and Human Services. For seven years …