Home Sales In Salt Lake County Are At Their lowest Point In Ten Years

Utah’s Sandy Home sales along the Wasatch Front and in Salt Lake County have decreased to levels not seen in almost ten years. Home sales in Salt Lake County were down 27% from the same period in June 2021, according to a report from the Salt Lake Board of Realtors. The 1,344 transactions in the county were the fewest for a June in ten years. For a total of 13 months, home sales have decreased year over year. According to him, sellers would need to adapt to the new playing field.Similar decreases to those experienced by Salt Lake County were also experienced by other Wasatch Front counties:

Davis County is nine percent, Weber County is fifteen percent, Tooele County is thirteen percent, and Utah County is nine percent. Just a few months ago, a decent house in Utah that is priced reasonably could have sold in just one or two days. According to Perry, there is a higher chance the house will sell in the next one to three months. “I kind of compare it to stairs, “Realtor Martha Morris said. “It seems as though we have been climbing the price escalator for a very long time. We’ve reached the top stair, and for the past two months or so, folks have been reaching for a false staircase.

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Realtors contend that the decline in sales is the result of increased interest rates designed to fend off a potential recession. According to Steve Perry, president of the Salt Lake Board of Realtors, “Unfortunately, the Federal Reserve’s effort to control inflation is having a detrimental impact on property buyers, who are backing out of deals or don’t qualify for financing because of rising interest rates.” Despite a decline in sales, year-over-year statistics shows that home values in Salt Lake County increased. Home prices in June increased from $470,000 in June 2021 to $545,000 on average.

Buyers continue to receive record cheap rates, despite the interest rate increases, according to Morris.”Wed the home, date the price, “She spoke. “If you can discover a place you really like, it may be worthwhile to invest in  your future and yourself by taking advantage of a historically low interest rate. Although we’re still far from a buyer’s market, the fact that supply is now keeping up with demand is positive for Utah house buyers. “In this country, real estate is still the most effective method to build wealth, “Morris remarked. “On it, our economic system is built. Now is still a fantastic moment to sell a house, she added, even though it won’t be quite as quick and easy to do so going forward.

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