News: Wyoming cuts through US gloom

Wed, 12 Sep 07

Despite doom-and-gloom reports of a nationwide downturn in housing, the Wyoming market continues to see double-digit growth...

According to the Office of Federal Housing Enterprise Oversight (OFHEO) Wyoming ranked fourth in the nation in highest percentage change in housing prices with a one-year increase of 11.67 percent from first quarter 2006 to first quarter 2007. Its five-year growth rate, 60.96, is well above the national figure of 53.53.

An OFHEO spokesperson commented: “The overall market had the second best showing, for number of sales, in over twenty years with 464 transactions in the first six months of 2007. But the dollar volume stole the show with a 30% increase to $826 million and a healthy increase in the average overall sale price, up 28%. ... The $3+ million segment experienced a huge jump in the number of sales, up 76%. But, the $5 million+ segment experienced the biggest increase with the number of sales up 81% for a total of 29 transactions.”

A good time to invest

Further, a survey of vacation-home buyers by the National Association of Realtors (NAR) conducted in April 2007 showed that 80 percent of second-home buyers considered it a good time to invest in real estate, compared with 57 percent of primary residence buyers.

The NAR study also showed that 25 percent of second homes were in the West, and of those, 67 percent were detached, single-family homes.

“Second homes are really something of a misnomer because a fair number of respondents buy multiple properties,” David Lereah, NAR’s chief economist, said in the survey report. Twelve percent of vacation-home buyers owned two such homes and 2 percent purchased three or more vacation properties.

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