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Utah home buyers face stiff competition in a COVID market

Jul 29, 2020, 10:43 AM | Updated: 10:50 am
first time millennial homebuyer Utah...
The down payment, and a fast-moving market are getting in the way of some first-time millennial homebuyers. Photo: Getty Images

SALT LAKE CITY — Many people are facing uncertain financial times. With unemployment still at record highs, a lot of people are choosing to remain in their homes and not sell.

However, record low interest rates have many jumping at a chance to buy, creating bidding wars among home buyers in Utah.

In June 2019, a little over 4000 homes were on the market.  And the median sales price was $345,900.

This year, a total of 2,346 houses were up for sale in June.  With only half the amount of houses on the market, 64% of buyers say they got into bidding wars, driving the median sales price up to $370,400.

According to a recent report by Redfin, the Salt Lake City metro area is now the third-most competitive housing market in the nation, behind Boston and San Diego.

Unfortunately for those looking to buy, the trend is likely to continue. Last year, more than 2,000 people put their houses up for sale in the month of June alone.  This year, only 493 new listings appeared in the most popular month to sell a home.

 

 

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Utah home buyers face stiff competition in a COVID market