Home prices in Utah are soaring to an all-time high, reported KSL.
The median home sales price reached a record-breaking high of $405,000 last month, according to the Utah Association of Realtors.
The increase in price equates to about 20 percent compared to March of last year, which had a median home sales price of around $338,000. The year before that, the median home sales price was $305,000.
Owner of goBE Realty Dave Robison said, "It's insane. It's unheard of. It's unprecedented. We've never seen anything like it."
The soaring prices surely didn't keep homebuyers from purchasing, however. Last month, the state set a record for the most homes sold during any March since the records started in 2003. The state sold 4,390 homes last month.
The March "Monthly Indicator" stated, "Existing home seller and new construction activity continue to remain below levels necessary to bring the market back into balance, pointing to a busy and competitive buyer market in the coming months."
According to Robinson, the housing shortage is making it hard on first-time home buyers. He said, "You may have to put offers on 30 homes, or something, it you're in that lower price bracket."
This worries Robinson that future generations won't be able to stay in Utah.
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