I disagree. This isn't a temporary bubble:
- Utah has the lowest unemployment in the country. And that's not going to dramatically change anytime soon. There are a lot of healthy and solid companies in Utah. The economy is more diverse than ever.
- People leaving the coasts isn't going to slow down. It's going to speed up. The California migration is going to hasten. And they have cash. Lots of cash.
- The automatic and never ending 'need to end up in Utah' vibe because of the Church and family, isn't going away.
- People don't want to live somewhere other than the Wasatch Front and St. George. I don't see Delta or Panguitch exploding with growth anytime soon.
- I had a realtor tell me the inventory is simply unable to keep up with demand. Supply is very very low. Builders can't keep up.
AND I just don't see some massive drop in 'demand'.
So, will prices eventually stop going up this fast? Sure. Will they probably at some point in the next 10 years even drop a little bit? Probably, maybe, idk. But will they drop by 50% and have a massive correction? I don't see it. The factors above are too compelling to cause me to believe that.