utah housing market slowing down

Thats a new high and a 28 jump from the median price of 430000 in the same time period from 2020. Meanwhile sales of newly constructed homes.

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For renters realities are even more challenging.

. As inflation pushes prices higher the bear market takes a toll on portfolios and mortgage rates remain elevated Americans arent buying as many houses as they did last year. This is a continuing treat for the Utah housing. The latest housing data shows the median priced home in Utahs most populated county increased to 550000 in the third quarter of 2021.

The Salt Lake Board of Realtors chalked up Julys. Prices continued upward in 2021 and now more than 50 of Utah households cant afford to buy. That was down 25 percent from July 2020 a record-setting month when 2131 homes were sold in Utah.

Sales in July were down 25 while in June they fell 8. Sales were 309 higher than in first quarter of the year. Like most of the country the demand for housing is high in Utah.

Year over year sales rose in the small Morgan County area but fell in the rest of the markets included in this report. Real estate experts dont believe the market will really slow down until mortgage rates significantly jump up. From September 2020 to September 2021 Utahs median sold price rose by 26 percent for single family homes and 24 percent for multifamily homes.

Utah Home Sales In the second quarter of 2022 8501 homes sold which was a drop of 144 year over year. It marked the third consecutive month of falling sales year over year. Currently theyre hovering around 3 for 30-year fixed-rate mortgages.

Prices have gone up 17 to 23 percent. Salt Lake County saw 1602 homes sold in July. Expert Results for Free.

Prices in Utah have been skyrocketing. Free Comprehensive Details on Homes Property Near You. Many areas are seeing price increases in the double digits up to 23 percent of what they were in the beginning of 2020.

By the end of 2020 Utahs median home sales price climbed to 380000 pricing out about 485 of Utah households. Ad Just Enter your Zip Code for Housing Market Info in Your Area. During its 2022 general session that ended earlier this month Utah lawmakers allocated a record 70 million for housing and homelessness programs including 15 million for housing preservation.

We have had a growing population with slowing home building since 2005. What about Utahs demand for housing. Houses in Salt Lake County went from 400000 to 468000 while those in Utah County have gone up 20 percent.

Sales of existing homes fell 34 between April and May. Many experts have been calling upon home builders to ramp up construction to help with the lack of existing inventory for sale. The total number of housing starts including the Utah housing market started to decline in 2006 and bottomed out in 2010.

They were down 86 compared to May 2021 according to NAR. More on historical housing starts here. In todays live stream we are going to talk about the state of the market and where things are headed here in Utah.

KUTV FILE Wood whos studied the states housing market since the 1970s said an economic slowdown might slow appreciation to 4 per year. But that figure still fell far short of the 128 million Cox recommended in his budget for housing and homelessness programs. For the past two months new home sales have surged with Julys total coming in at the highest since October 2007.

Sales are slowing. We have been seeing homes sit on the mark.

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