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Housing market: This Utah metro saw nation’s biggest drop in sales

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The Salt Lake City metropolitan area is one of the top U.S. housing markets, seeing the most dramatic decline in annual home sales and rising sales inventories as high interest rates hit the domestic market. .

according to it RE/MAX’s October National Housing Reportsurveyed 53 metropolitan areas nationwide. Of those 53, the report found total home sales nationwide were down 13.5% from last month, and last year he was down 30.7% from October.

“October revealed a much different housing market than a year ago, with closures down 30.7%, homes on sale up 36.8%, and the average home sale taking nearly a week. It took a long time, 35 days on the market,” the report said.

As a result, the national median home sale price fell 0.3% to $399,000 from $400,000 in September. This is the 3rd consecutive month of price reductions.

“Rising interest rates of historic pace and magnitude have reset and softened the housing landscape as intended,” said Nick Bailey, president and CEO of RE/MAX. “In a situation like this, a homebuyer should be able to consider multiple properties rather than he is vying for one property. payment and whether the property fits your needs.”

Salt Lake City Housing Market: Current Status

Of the 53 markets surveyed by RE/MAX, Salt Lake City stands out on multiple metrics. The number of deals closed was the biggest year-on-year decrease. He was also one of the top five markets with the largest increase in days on market and monthly supply of inventory.

Utah and other western states, including Idaho, were flooded with homebuyers amid the pandemic’s housing frenzy.freed by remote work And lured by quality-of-life opportunities, including abundant outdoor recreation at relatively affordable prices compared to big cities, many buyers turned to the West. Already boiling housing markets have turned red in fast-growing states like Utah and Idaho.

But now, borrowing rates have been low for days, sometimes even below 3% in some months. As the Federal Reserve continues to battle record inflation, with aggressive gains. As a result, the housing market has adjusted dramatically, with the western region decelerating faster and more dramatically than the rest of the country.

Decline in sales: Salt Lake City recorded the biggest decline in home sales, with deals down 48.3% year-over-year, according to RE/MAX. In October, 903 deals occurred in the metropolitan area, up from his 1,747 a year ago, when the Utah housing market was booming.

Las Vegas took second place with a 45.3% year-over-year decline in closed transactions, from 4,005 in October 2021 to 1,947 in October this year. San Diego he was down 42% and he was third. Portland decreased by 39.8%. Phoenix’s sales fell by 39.3% for her.

According to RE/MAX, no metropolitan area saw year-over-year sales growth in October.

Days on Market: Salt Lake City was also one of the top five cities with the most days to market year-over-year, according to RE/MAX. Days on the market is the number of days from when the home was first put up for sale until the contract for sale was signed.

Nationally, homes sold in October 2022 averaged 35 days on the market, one day more than the September 2022 average and six days more than the October 2021 average.

Salt Lake City ranks fourth, with October 41 days up from October 23, 2021, the biggest year-over-year increase. This is his nearly 77% increase.

Tampa was the metro with the largest year-over-year change in days on the market, with 42 days in October compared to 18 last year, a change of more than 130%. Denver ranked him No. 2 in October, where he was on the market for 32 days, up nearly 119% from his 15 days in 2021. Orlando ranked his third, up almost 102%. After Salt Lake City, Las Vegas increased him by 75.5% to rank him fifth.

Month of supply: Salt Lake City also saw a staggering increase in monthly supply of inventory, ranking second among countries with the largest percentage change year-over-year.

Salt Lake City’s supply was 3.9 months in October, up from 0.7 months in 2021. This is a nearly 425% increase over the previous year.

Only Raleigh, North Carolina, saw a larger percentage increase, with a 2.9-month increase in inventory supply in October 2021 from 0.5% in October 2021 to more than 462%.

Bozeman, Montana is third with 5.9 months of supply in October, up more than 401% from 1.2 months in 2021. Las Vegas ranks his 4th, with supply in October his 4.9 months, up nearly 330% from his 1.2 months in 2021. Coeur d’Alene, Idaho, rounded out the top five in his 4.2-month supply for October, up more than 291% from 1.1 months in 2021.

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