Wasatch Front housing prices see record drop
In its most recent Wasatch Front Consumer Price Index, Zions Bank reported that while most prices jumped slightly in September, prices in the housing sector fell 1.6%, the largest single-month drop for the sector since Zions Bank began measuring consumer prices along the Wasatch Front in 2010.
According to the index, prices for hotels and motels also had their largest month-to-month decline ever recorded, falling 13% in September. Apartment rental rates also dipped slightly in the same period at 0.9%.
A press release about the index states growth in housing prices has been moderating since peaking in December last year. Year-over-year price growth for housing is now at 3.3%, the lowest annual rate for the housing sector since April 2018, according to the press release. However, housing continues to be the largest driver of the overall annual increase in prices along the Wasatch Front.
In positive news, the press release stated builders are currently planning to build more residential units across the Wasatch Front than at any other time, indicating housing supply is starting to catch up to demand. According to the Ivory-Boyer Construction Database, which tracks building permits issued in Utah, through August 2019 builders have taken out permits to build 13,560 housing units across Weber, Davis, Salt Lake, and Utah counties, higher than the record-setting 13,119 units permitted through August of last year and the previous record of 12,0003 units set in 2006. There are more plans to build multifamily units than single-family units.
“The fact that builders are rapidly bringing so many units to the market and that housing prices appear to be moderating signals that prices will be friendlier for future home buyers,” said Randy Shumway, chairman and partner at Cicero Group.
Colliers finalizes two major Provo transactions
Colliers International announced earlier this week the finalization of two major transactions in Provo. First, Utah Community Credit Union will open a new 130,000-square-foot headquarters in the city, and aeronautics manufacturer Wencor will move operations to a 65,000 square foot warehouse in Provo as well.
The Utah Community Credit Union was first founded in 1955 on Brigham Young University Campus as the BYU Employees’ Federal Credit Union. Later an official UCCU branch was opened in 1977 on Canyon Road in Provo. The credit union now serves over 125,000 members across Utah Valley. The new headquarters will bring the majority of the credit union’s corporate functions under one roof.
“Even though growth at UCCU has been extraordinary, the company still provides incredibly competitive and personalized products and services,” said Josh Martin, one of the Colliers International employees representing UCCU in the transaction. “This 130,000-square-foot space will enable them to continue grow and serve their client base as the community grows and matures.”
Martin was also one of the employees who facilitated the Wencor Group deal. Wencor has leased 65,000 square feet of specialty manufacturing industrial space along Mountain Vista Parkway in the Iron Vista Development in Provo.
“This was a complex deal that took a full team effort. It was a significant amount of work to design and plan for precision manufacturing, lab space and necessary power and mechanical requirements.” Martin said. “Chris McKay, the general partner of IronVista Development, was great to work with and was committed to getting the deal done and done right. Wencor was also amazing. Wencor is a great company with a great culture and is an amazing asset to Utah County.”
Solutionreach adds AI to its patient software
Solutionreach announced this week the introduction of new artificial intelligence capabilities, SR AI, into its patient relationship management software.
According to a press release, SR AI spans the platform and the patient journey to increase organizational efficiency, lower costs, and improve patient experience and outcomes. The SR AI is driven by machine learning, artificial intelligence and natural language processing, the press release states, resulting in automatic AI-driven review analysis, SMS responses, and no-show predictions designed based on data from billions of patient interactions over the last 20 years.
“There has been a big focus on using AI for clinical purposes, but the benefits have been slow to materialize,” said Jim Higgins, founder and CEO at Solutionreach. “That is not the case for using AI to facilitate improvements in patient engagement. We are applying technology that has been used successfully in other industries to improve customer experience and operational efficiency. And because we understand the challenges of healthcare, we can do it in a way that takes into consideration all those unique elements to help organizations balance the benefits of AI with the need for human interaction.”
The new SR AI also enable post-appointment care plans, automatic AI-driven waitlist outreach, and confirmation and cancellation response identification. In addition to SR AI, Solutionreach announced enhancements to its user interface, making it scalable for organizations of any size while also providing customization and control. Healthcare organizations can now set up the platform in a way that makes the most sense for their facility; configure and optimize messaging with multiple language options, on-screen message previews, and mobile-responsive design; and get the right messages to the right patients every time with a message delivery manager, customizable fields, dynamic messaging and AI-driven machine learning.
Learn more by visiting the Solutionreach website.