Utah ranks No. 2 in the nation for increasing home prices over the past year, according to a new study released by the financial website RefiGuide.org. The rankings were based on analysis of Zillow data from March 2018 through March 2019.
Utah had a median home value increase of 14 percent over the period, higher than the national average which saw home prices increase by 7.2 percent.
Since the lowest point of the 2008 financial crisis, home prices have rebounded strongly, RefiGuide.org said. However, with fluctuating mortgage interest rates, tax reform limiting homeowner deductions and talk of a bubble in 2020, it is a tricky time for buyers and sellers.
The recent study showed a national per-home average price increase of about $15,000 with only Alaska and Delaware showing price decreases.
Among cities, Newark, Dallas and Buffalo saw the biggest increases of more than 15 percent in each city. Seattle saw the biggest decline, with home prices falling 2.4 percent.