Gold Medallion Homes in the News

Gold Medallion Homes co-president Kristin Nilssen is filling two roles this year. In addition to her duties at Gold Medallion, she is also serving as President of the Salt Lake Home Builders Association.

Kristin was recently asked about the pricing of new homes in Salt Lake by KUTV News. Here are some excerpts.

According to a newly released report, just 21 percent of new homes sold in the region sold for under $200,000. In 2002, 70 percent sold for less.

“It's still a good market,” said Kristen Nilssen of the Salt Lake Home Builder’s Association. “Anything under 200, if it's decent at all, sometimes will be gone within hours.”

There are a few reasons the cost of housing has risen dramatically. The cost of building materials is more expensive now, along with labor expenses. But the biggest factor is the land along the Wasatch front.

There is only so much room to build new homes, with mountains on three sides of the Salt Lake Valley and the Great Salt Lake to the north. Because of the limited area, the cost of land is more valuable. Compare the amount of land available to home builders now compared to that of 15-years ago, when many current-day developments were nothing but empty lots.

“We predict a very strong housing market for our economy over the next 12 months,” Nilssen said.