In Salt Lake City, the burst housing bubble of yesteryear is looking more and more like a distant memory.
That’s according to real estate website Zillow, which predicted Thursday that Utah’s capital city will have the hottest housing market in the U.S. next year. The rankings were based on data related to unemployment rates, population growth and the website’s "Home Value Forecast." Salt Lake City dominated the list due to low unemployment and a booming population.
That’s good news for people looking to sell; it means home values should rise in 2014 as demand swells.
Seattle, Austin, Texas, San Jose, Calif., and Miami round out the top five on the list.
Among other things, Zillow also predicts home values will rise across the nation and mortgage rates will hit 5 percent by the end of 2014. If that happens, it would be the first time rates went that high since 2010.
The good news for home buyers is that mortgages should be easier to get, though overall homeownership rates will sink to their lowest point in nearly two decades.
The news of Salt Lake City’s booming market comes after earlier reports indicated a strong real estate recovery in the region. Last year, National Association of Realtors noted that Salt Lake City’s market was heating up with home prices rising 7.5 percent over 2011. The report also singled out Ogden as experiencing a strong recovery.
Jim Dalrymple II
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