The Home Buying Tax Credit has clearly had its impact on Logan Utah Real Estate. Unfortunately, not all of it is positive. Because many buyers moved their home purchases forward, we have seen a decrease in home sales over the normally heavy summer months. While home sales are slower than they've been recently, there has still been a high number of new home listings hit the market. This has brought us to a record high level of real estate inventory.
There are more homes for sale right now than there has ever been in Cache County. Right now 907 residential Cache Valley Homes for Sale appear on the MLS. As you can see from the graph, inventory levels dropped below 2009 levels during May, right at the end of the second home buying tax credit. Since that point they have steadily trended up. Overall, these high levels of inventory are creating a high absorption rate and will place downward pressure on home values. How low they will go, nobody knows. I just know that there are lots of homes for sale in Logan Utah.
No comments:
Post a Comment