UTAH (ABC4) – Despite the recent boom in Utah’s real estate market, new data now shows that home sales across the Wasatch Front are continuing to slow as new listings continue growing.
The Salt Lake Board of Realtors reports home sales have fallen at least 10% across the five counties in the Wasatch Front compared to a year ago.
This past June, Salt Lake County home sales have hit the lowest amount in a decade, falling 27% lower than in June 2021. This marked a new 10-year low for the county.
Yet despite dropping sales, Salt Lake City saw one of the largest increases in new home inventory in the nation. According to the latest housing report from RE/MAX, Salt Lake City saw a 110% increase in the number of available homes to purchase year-over-year in 2022.
With home listings continually growing and sales seeing a decline, experts predict the real estate market may finally even out soon enough.
“After two years of a frenzied market with multiple offers tens of thousands of dollars above asking price, Utah’s real estate market is approaching normalcy,” said Dejan Eskic, chief economist of the Salt Lake Board of Realtors and senior research fellow at the Kem C. Gardner Policy Institute. “Instead of a home taking a couple days to sell, it probably will take a few weeks.”
New listings in Salt Lake County continued growing in the second quarter of 2022, seeing a 5% increase from the same time last year. “As of July 28, active listings statewide on UtahRealEstate.com totaled 9,326, up 160% from 3,593 a year earlier,” reports the Salt Lake Board of Realtors.
The median price of a single-family home has remained strong however, increasing to $625,000, up from $525,000 at the same time in 2021. The median price for a condo rose to $445,000 which is up 22% from $365,000 last year.
“Rising inventories will begin to favor home buyers,” says the Salt Lake Board of Realtors. “In addition to more houses for sale, last year was a record-breaking year in the number of residential permits issued in the state of Utah, helping to erase a statewide cumulative housing shortage.”
For prospective homebuyers, the market seems to be slowly turning in their favor.
“Buyers should remember that rates are still considerably low historically and are expected to continue to rise more through 2022 and early 2023,” Josh and Jen Horner with RE/MAX Masters in Salt Lake City tells ABC4.com. “SLC home buyers at this time are gaining more leverage as the market shifts and the Buyer to Seller ratio becomes more balanced.”
Salt Lake City Utah real estate market slowing down & Latest News Update
Salt Lake City Utah real estate market slowing down & More Live News
All this news that I have made and shared for you people, you will like it very much and in it we keep bringing topics for you people like every time so that you keep getting news information like trending topics and you It is our goal to be able to get
all kinds of news without going through us so that we can reach you the latest and best news for free so that you can move ahead further by getting the information of that news together with you. Later on, we will continue
to give information about more today world news update types of latest news through posts on our website so that you always keep moving forward in that news and whatever kind of information will be there, it will definitely be conveyed to you people.
Salt Lake City Utah real estate market slowing down & More News Today
All this news that I have brought up to you or will be the most different and best news that you people are not going to get anywhere, along with the information Trending News, Breaking News, Health News, Science News, Sports News, Entertainment News, Technology News, Business News, World News of this made available to all of you so that you are always connected with the news, stay ahead in the matter and keep getting today news all types of news for free till today so that you can get the news by getting it. Always take two steps forward
Credit Goes To News Website – This Original Content Owner News Website . This Is Not My Content So If You Want To Read Original Content You Can Follow Below Links