April 2010 Market Information Archive
April 7, 2010
FYI - Here is the short write-up that was released 4/7/2010 on Wyoming's housing market in the "Economic Summary" compiled by the Wyoming Economic Analysis Division:
Lagging the national trend, Wyoming' s hot residential real estate markets have eased somewhat since late 2007 with increased inventories and lower transactions in many communities. Layoffs and tight credit have made homebuilders cautious. Inventory build-up and weak demand have led home sellers to accept lower prices.
However, Wyoming was still one of only a few states in the nation where home prices showed appreciation in 2008. Since the beginning of 2009, home construction and existing home prices have dropped even further. Residential construction permits have shrunk back to a level last seen at the beginning of the decade. As the U.S. home price stabilized further with an annual decline of just 1.2 percent, it dropped 6 percent in Wyoming for the fourth quarter. As a result, the price contraction in 2009 in the State was the deepest decline since the late 1980s.
However, Wyoming homes will retain most of their value despite the weak pace of sales and prices. Growth in affordability and relatively few foreclosures will help protect residential real estate from significant declines. Strong population and income gain, and the lack of reliance upon non-prime lending to sustain home sales in recent years have left Wyoming with few cracks in the foundation of its housing market. Indeed, Wyoming was still in first place throughout the country in terms of cumulative five-year home price appreciation in the fourth quarter of 2009.