Home sale rates are dropping faster in Salt Lake City than in any other city
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.”
- Rent increases are taking over Utah’s housing market
- New ordinance introduced to help in tight housing market in Moab
- Housing market in Utah looking better for first-time home buyers, says real-estate agent.
Today’s Top Stories
- Update: Some I-15 lanes reopen after hazmat spill in Bluffdale
- After celebrity death to colon cancer, Utah doctor weighs in on colonoscopy
- Provo Police looking for information about two cars in deadly hit-and-run
- SWAT standoff in Tooele ends peacefully, no further threat to public
- WNBA star Brittney Griner released from Russian detention in prisoner swap for convicted arms dealer
- Sundance Film Festival is seeking volunteers for 2023 event
- Natural Resources helicopter crashes in San Juan County, no injuries
- West Jordan Elementary School is closing its gates after 40 years
- Downtown Ogden expansion project begins finalizing plans
- Two Utah experts talk about prisoner swap for WNBA player Brittney Griner