There are still 15 other states with a housing market booming more than Utah's (Colorado's increased about double Utah's).

I think it's a combination of a few things nationwide. Inventory fell behind what demand was when the building slowed down big time a few years ago and then there is a lag to get things going again once the economy recovered. Low interest rates have also got people wanting to buy that weren't previously to lock in the low interest rates.

I have an opinion that in general people are still spending close to the monthly max amount they can on a mortgage. With the lower interest rates that means they have spent more on the home. I am convinced that when interest rates rise people won't be able to afford higher monthly payments so it's just going to bring prices down some.

http://www.marketwatch.com/story/west-virginia-sees-largest-drop-in-home-prices-over-last-year-2015-05-26