Home prices nationwide posted their biggest drop in 16 years last month, according to the National Association of Realtors.
But someone forgot to tell the folks in Salt Lake City. There, the median home sale price jumped 21% in the second quarter this year, versus the same period last year.
It's not that Salt Lake City is entirely immune to the national housing downturn. In fact, new housing permits are down this year, and there is a glut of Macmansions, says John Taylor, investment specialist at Commerce CRG, a unit of developer Cushman & Wakefield. But with more people moving into the area, thanks in part to a percolating job market, demand for affordable existing homes is still healthy, while commercial construction is up 40% from last year. Apartment vacancy rates are less than 2%, and longtime residents worry about a land grab from commercial property investors flocking in from California and Las Vegas