On the move: in a hot residential real estate market, challenges still linger.

• Author: Biton, Adva
• Position: Real Estate Outlook

Nearly a decade has passed since the housing market crash implanted longstanding nightmares in the minds of realtors and homebuyers everywhere. Across the country, scars from the crash still remain--in the confidence of those wanting to sell their homes, in millennial and first-time homebuyers, and even in unemployment rates in those areas of the country hardest hit.

In Utah, with its strong economy, low unemployment, high (and young) marriage rate, and increase in population--the state's population hit 3 million in 2016 and is ranked as the fastest-growing state in the nation by the U.S. Census Bureau--the housing market has thawed from its freeze in 2007-08. In fact, it's done more than thaw: With inventory at historic lows and homes flying off the market, Utah's residential real estate market is practically reaching a boiling point.

Heating up

Across Utah, the residential real estate market is enjoying great success. Mortgage loan company Freddie Mac ranked Utah as one of the strongest housing markets in the nation, due to the strong economy in the state. For major metropolitan markets, Ogden was ranked No. 3, Provo No. 5 and Salt Lake City No. 6 in its Multi-Indicator Market Index, which shows the improvement of housing markets across the country.

"Were having a great year," says Chris Nichols, president of the Utah Association of Realtors. "At the end of the third quarter, our sales were up 2 percent over 2015, when you compare them to each other over a rolling 12 months. 2015 was a record year, and 2016 should break that record."

"We're performing as good or better than any other market in the state right now," echoes Vardell Curtis, chief executive officer of the Washington County Board of Realtors. "That's a good indication of our recovery from what happened in 2008-09,2010-11. There were five to six years of horrible market conditions. Currently in the market right now, we're are 100 percent fully recovered and starting to see home values appreciate in value."

Curtis laughs as he points to an "unscientific" marker to partly explain how well the market has been fairing in the past few years. His organization has a base of dues-paying members, he says, like a chamber of commerce. In 2005, at the peak of the market, he says his membership in Washington County exceeded 1,600 members-which, while small potatoes in contrast to the seven or 8,000 members on the Salt Lake City board, was still a high for the region. In 2008, the number of...