BUSINESS + ECONOMY

Home sale rates are dropping faster in Salt Lake City than in any other city

Nov 17, 2022, 6:30 PM
The US housing market is in the midst of a major shift. After two years of stratospheric price appr...
Salt Lake City is leading the nation for having the biggest drop in home sales year-over-year.  (AP Photo/Matt Rourke)
(AP Photo/Matt Rourke)

SALT LAKE CITY — Salt Lake City is leading the nation for having the biggest drop in home sales year-over-year. 

RE/MAX reports that home prices are dropping across the country. However, Utah’s hotter-than-hot housing market is cooling quickly. 

RE/MAX found that home sales are down in the Salt Lake area by 48% compared to last year. 

That’s the biggest drop anywhere in the country. 

“We’re seeing a little bit more of a, I guess you could call it a rebalancing in the market,” said Dejan Eskic at the Kem C. Gardner Policy Institute. 

People who can afford to, are still buying homes, according to Eskic. But many people who can’t afford the current interest rates are stuck on the sidelines. 

Salt Lake City also seeing a big increase in the number of days homes are on the market.

Last year, it only took an average of 23 days to sell a home. Now, it takes 41. 

Eskic also said this is just part of seasonal changes.

“Buyers have a little bit more power now than they did a year ago,” Eskic said. “This week, we’re seeing better interest rates than we had last week. So it’s definitely slow from a year ago, but I would still say it’s a slightly active market.” 

Related stories

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team. here.

Today’s Top Stories

Business + Economy

county library...
Elizabeth Weiler

Members of the council explain the Salt Lake County library tax

SALT LAKE CITY — The Salt Lake County Council is approving a budget that includes a property tax increase for the Salt Lake County library system.  The Salt Lake County Library is funded through property taxes paid by Salt Lake County residents. Over 60% of people have library cards according to Salt Lake County government.  […]
21 hours ago
a man is pictured playing call of duty...
The Associated Press

FTC sues to block Microsoft-Activision Blizzard $69B merger

The FTC’s complaint points to Microsoft’s previous game acquisitions where Microsoft made some game titles exclusive despite assuring it wouldn't.
21 hours ago
Glass jar with coins on table, closeup. Money saving concept (Adobe Stock)...
Amanda Dickson

Opinion: Budgeting when you live below the poverty line

If you're living below the poverty level, it can be hard to buy the things you need. Here's how one school assignment is trying to give more insight.
2 days ago
recession...
Elizabeth Weiler

Lessons to be learned from the UK’s recession

SALT LAKE CITY — “Recession” is a word that has not escaped the minds of Americans. When we observe some of the largest economies in the world like the United Kingdom, there are major takeaways we can learn from those overseas to help prevent economic disasters within our home.  Between inflation, living costs, the war […]
2 days ago
a rendering of the WonderBlock that will be developed in downtown ogden...
Alexandrea Bonilla

Downtown Ogden expansion project begins finalizing plans

A downtown Ogden expansion project, Make Ogden, is taking its first steps to creating a new development called the WonderBlock.
2 days ago
shoplifting...
Samantha Herrera

Increased shoplifting puts pressure on retailers and raises prices

Shoplifting is hitting retailers hard this season. Though retailers lose millions in stolen merchandise, offenders usually go without much punishment.
2 days ago

Sponsored Articles

Spicy Homemade Loaded Taters Tots...
Macey's

5 game day snacks for the whole family (with recipes!)

Try these game day snacks to make watching football at home with your family feel like a special occasion. 
Happy joyful smiling casual satisfied woman learning and communicates in sign language online using...
Sorenson

The best tools for Deaf and hard-of-hearing workplace success

Here are some of the best resources to make your workplace work better for Deaf and hard-of-hearing employees.
Team supporters celebrating at a tailgate party...
Macey's

8 Delicious Tailgate Foods That Require Zero Prep Work

In a hurry? These 8 tailgate foods take zero prep work, so you can fuel up and get back to what matters most: getting hyped for your favorite
christmas decorations candles in glass jars with fir on a old wooden table...
Western Nut Company

12 Mason Jar Gift Ideas for the 12 Days of Christmas [with recipes!]

There are so many clever mason jar gift ideas to give something thoughtful to your neighbors or friends. Read our 12 ideas to make your own!
wide shot of Bear Lake with a person on a stand up paddle board...

Pack your bags! Extended stays at Bear Lake await you

Work from here! Read our tips to prepare for your extended stay, whether at Bear Lake or somewhere else nearby.
young boy with hearing aid...
Sorenson

Accommodations for students who are deaf and hard of hearing

These different types of accommodations for students who are deaf and hard of hearing can help them succeed in school.
Home sale rates are dropping faster in Salt Lake City than in any other city