Do unemployment rates and home prices have a link?
A few weeks ago I wrote a blog about the low unemployment rate in Logan, Utah. Logan has the second lowest unemployment rate in the nation at 2.8%.
Today I read that a report by the Federal Housing Finance Agency said while home prices in Utah have dropped over 6%, home prices in Logan increased 1.9 percent last year. That ranks Logan 32nd in the country among metropolitan areas.
So my question is, do these two stories have something in common or is this just a coincidence?
Johnnie Rosser
RE/MAX Excel
Logan, Utah
Utah just got hit with a huge snow storm. Ski resorts like Alta and Brighton recieved over a foot of new snow in the last 24 hours. The storms have moved on and today is blue skies and sunshine. If you want to get one more ski trip in before the end of the season now would be a great time to do it.
Check out the Feb. 10th snow report for all of Utahs resorts.
| Resort | Base | 24 Hrs | 48 Hrs | Runs | Lifts |
 |
114 " | 16 " | 22 " | 116/116 | 7/7 |
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62 " | 2 " | 3 " | 30/30 | 5/5 |
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59 " | 9 " | 13 " | 63/63 | 9/9 |
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91 " | 15 " | 21 " | 66/66 | 6/6 |
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82 " | 7 " | 13 " | 155/163 | 17/17 |
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84 " | 7 " | 11 " | 99/99 | 22/22 |
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78 " | 13 " | 17 " | 106/107 | 15/16 |
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84 " | 12 " | 20 " | 124/124 | 7/7 |
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111 " | 11 " | 25 " | 113/113 | 8/12 |
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102 " | 18 " | 21 " | 85/85 | 11/11 |
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92 " | 20 " | 29 " | 64/64 | 8/8 |
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72 " | 6 " | 19 " | 42/42 | 4/4 |
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76 " | 6 " | 16 " | 20/20 | 4/4 |
I would like to thank the CACHE-RICH ASSOCIATION OF REALTORS for recognizing me with the 2008 Good Neighbor Award.
The Good Neighbor Award honors one REALTOR® or Affiliate Member who has made exceptional contributions to his of her community this past year.
I was recognized for my work with the Cache Chapter of the Utah Down Syndrome Foundation.
Thank you,
Johnnie Rosser
RE/MAX Excel
I opened up my Deseret News paper this morning and the front page article was Logan boasts nation's second-lowest unemployment rate.
In Logan, Utah the unemployment rate for December was 2.8%. Only Morgantown, WV had lower unemployment. They were 2.7%. The jobless rate did increase from December '07 to December '08, but only by .9%.
In comparison the national unemployment average is 7.2%, with El Centro, CA being the highest with 22.6% unemployment.
Logan doesn't follow the same up and down trends that other parts of the country do. Home prices, wages, personal debt didn't get as high here as they did in other places. Now that things are starting to fall, they aren't dropping as low.
I like what Logan's economic development director, Kirk Jensen said, "If economic change is often a roller-coaster ride, Logan's is a mini-roller coaster if you will. When there are downturns, we don't seem to feel it to the same degree as the rest of the country. That said, we don't ride the economic wave upward as high, either."
If you are looking to buy a home in Logan, or the Cache Valley I would be happy to help.
Cache County Monthly Sales Report
January is almost over and this month there have been 40 residential properties sold. That is down from 78 in January of 2008. The volume is down, but the price is up. Last January the average sold price of homes in Cache Valley was $190,950. This January it is $192,820. We are down from the highest average price of $205,495 in April of '08. Overall we can't complain about the real estate market in Cache Valley. Other parts of the country and even Utah are much worse off then we are.
If you are looking for a good deal on Real Estate in Cache Valley now is the time to buy. Home values are beginning to stabilize as fewer homes are coming on the market. We are at the lowest level of new listing since the 4th quarter of 2006. We should start to see prices level off and begin to appreciate in the next few months.
Johnnie Rosser
RE/MAX Excel
Logan, Utah
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