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Housing market: How much have Utah home prices dropped?

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Mortgage interest rate above 7% that is stifling the US housing marketWhen Utah has no immunity.

Home prices in Salt Lake County, Utah’s most populous county, are still up year-over-year, but are down 7% from their peak earlier this spring. That’s according to the latest figures released Thursday by the Salt Lake Real Estate Association.

house prices in utah: data from Utah real estate.com shows the median price of single-family homes in Salt Lake County sold for $590,000 in the third quarter. That’s up 9% from the same period in 2021, but down 7% from the Q2 price peak of $637,000.

Utah County has the highest home prices along the Wasatch front, with a median home price of $599,000 in the third quarter. Davis County ranks third for him, with a median price of $540,000, up 9% from this time last year. The median price in Thule County was $470,000 and Weber County was $435,600.

Dejan Eskey, chief economist at the Salt Lake Realty Association, has calculated that with mortgage rates hovering around 7%, the median monthly payment for a Utah buyer is over $2,600.that is An amazing 76% discount for Utah residents Because you won’t be able to afford the state median home.

Home sales: Eskic said low mortgage rates didn’t just affect prices.

He said there is a silver lining for buyers, who are not frightened by interest rates that have risen by more than 3% since last year.

higher mortgage interest rates Home sales are definitely slowing,” Eskic said in a prepared statement. “Active listings are taking about a month to sell instead of a week. The good news for buyers is that sellers are offering more concessions. It will increase and it will be much easier to get a house under contract.”

Salt Lake County single-family home sales declined to 2,331 in the third quarter. He’s down a whopping 30% compared to 3,336 sales this time last year. Sales of single-family homes have also fallen in other Wasatch Front counties, according to the realtor’s commission.

Are markets collapsing? Sales are down, but people are still buying homes. Nationwide, more than 25% of his homes are selling above the listing price, according to the National Association of Realtors, with multiple offers still appearing on the listing and limited inventory.

This is the main difference between today’s market correction and the crash of 2007.

“The current supply shortage contrasts with previous major market downturns from 2008 to 2010, with inventory levels four times what they are today,” the Salt Lake Realty Association said in a news release Thursday. says.

In the rapidly growing state of Utah, Last year’s housing boom had a major impact on the state’s housing shortage — But housing experts say the state still has some Shortage of 31,000 unitsThat’s why they say Utah house prices could fall slightly, but a dramatic crash isn’t expected as demand continues to outstrip supply.

Condo sales have seen an even bigger drop: Condo sales declined 34% in Salt Lake County and 24% in Davis County. Thule County showed the biggest decline, with his 43% decline. But Utah and Weber counties saw him “only a very small drop” of 1%, according to the board.

How are people still buying? Builders and sellers are getting creative to keep the market moving. Some even offer his 2-to-1 buydown, a type of loan that lowers mortgage rates for the first two years before raising mortgage rates to permanent rates.

Home buyers are also in a strong position when it comes to negotiations. Some even charge sellers for home repairs and warranties, the board said.

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