The housing market is recovering, both nationally and in Park City.
Nationally, existing Home Sales were up 2.1% in October, staying right near their highest level in over two years. Sales are up 10.9% from a year ago. In Park City, existing home sales are up more than 10% over the previous year.
Nationally, the median price is now $178,600, up 11.1% over a year ago. In Park City, the median price has been essentially flat since January, 2011.
Nationally, the supply of existing homes dropped from 5.6 to 5.4 months. The inventory of existing homes is down to 2.14 million, the lowest level since December 2002. In Park City, the supply is 8.9 months, a decrease of about 9.3%.
Decreased inventory and rising demand and prices mean there is a big opportunity for new construction. In fact, the National Association of Home Builders confidence level is at its highest in 6 years.