Home prices are still higher than in 2021, but down from the peak

SAND, Utah — Home prices are still up from a year ago, but below the spring peak.

Utahrealestate.com showed the median price of a single-family home sold in the third quarter at $590,000, up 9% from the median price in the same period of 2021.

However, the data also showed the price was down 7% from a median price of $637,000 in the second quarter, when prices peaked.

“Rising mortgage interest rates have definitely slowed home sales,” said Dejan Eskic, chief economist for the Salt Lake Board of Realtors. “Active listings take about a month to sell instead of a week. The good news for buyers is that sellers are offering more concessions. There are more homes to choose from in the process and there is a lot more easy to get a house under contract.

Utah County had the highest home prices along the Wasatch Front at $599,900 from July through September.

Davis County was third highest with a median price of $540,000, a 9% increase from the same time last year.

Tooele County had a median price of $470,000 and Weber County showed the greatest housing affordability at a median price of $435,600.

Home sales in Salt Lake County fell 30% to 2,331 in the third quarter, from 3,336 sales in the third quarter of 2021. Home prices in Salt Lake County appear to be moderating since the Federal Reserve has started raising interest rates earlier this year.

Condominium sales saw even larger percentage declines with sales down 34% in Salt Lake County, down 43% in Tooele County and down 24% in Davis County.

Weber and Utah counties saw smaller declines at 1% for each county.

According to Utahrealestate.com, “As of November 2, approximately one in three listings on UtahRealEstate.com was under contract. The ratio of contract signups to total signups today is similar to 2019, before the pandemic. »

This means that the seller has accepted an offer on the property, but the sale is not final.

The website states:

“Nationally, despite weaker sales, multiple offers are still occurring with more than a quarter of homes selling above list price due to limited inventory, according to the National Association of Realtors. The current lack of supply underscores the stark contrast to the previous major market downturn from 2008 to 2010, when inventory levels were four times higher than they are today. In Utah, there is a shortfall of about 30,000 homes.

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