By James Wood, Director of the University of Utah’s Bureau of Economic and Business Research
In 2012, higher levels of real estate sales will be supported by favorable interest rates and housing prices. In addition the Utah labor market is expected to grow by over 30,000 jobs and all sectors of the economy will expand. These conditions will lead to an improvement in home buyer confidence, which should stimulate housing demand. Over the last three years pent-up demand has been building as the weak job market has caused households to double-up, postpone marriage and moving. With improved conditions some of this pent-up demand will be released in 2012 pushing sales of single family homes up to 15 percent to 10,500 units. Total residential sales including condominiums, town homes and twin homes, will also increase by about 15 percent to 12,500 units.
