Rhodes Realty

The latest in the Utah real estate market:

For the 12- month period spanning September 2021 through August 2022, Closed Sales in the state of Utah were down 13.0 percent overall. The price range with the largest gain in sales was the $500,001 to $750,000 range, where they increased 36.8 percent. The overall Median Sales Price was up 22.0 percent to $500,000. The property type with the largest price gain was the Townhouse-Condo segment, where prices increased 24.6 percent to $405,000. The price range that tended to sell the quickest was the $300,001 to $500,000 range at 20 days; the price range that tended to sell the slowest was the $150,000 and Below range at 44 days. Market-wide, inventory levels were up 80.0 percent. The property type that gained the most inventory was the Townhouse-Condo segment, where it increased 86.1 percent. That amounts to 3.0 months supply for Single-Family homes and 2.5 months supply for Townhouse-Condo.
If you have questions about the changing market, I'd love to help you navigate this!

If you are looking to buy or sell a home call/text 801.971.8428, visit https://spencerrhodes.kw.com or shoot us a message.

The latest in the Utah real estate market:

After two years of record-setting activity, there are signs the housing market might be
cooling. High home prices and a surge in mortgage interest rates are slowing buyer
activity, with home sales declining for the third consecutive month under the weight of
soaring homeownership costs. The National Association of REALTORS® (NAR) reports
existing home sales were down 2.4% from the previous month, while pending sales fell
3.9% as of last measure, extending the trend of recent months. Economists predict
sales will continue to soften in the near future, which may put downward pressure on
home prices.

The slowdown in sales has provided a much-needed lift to housing supply, with
inventory up 10.8% from the previous month according to NAR, although supply
remains down 10.4% compared to this time last year, with only 2.2 months’ supply of
homes at the current sales pace. As the nation continues to explore ways to solve the
ongoing housing shortage, estimated at 5.5 million homes, the Biden administration
recently unveiled the Housing Supply Action Plan, which aims to expand housing
access through a number of administrative and legislative actions and help relieve the
nation’s housing crisis over the next 5 years.
If you have questions about the changing market, I'd love to help you navigate this!

If you are looking to buy or sell a home call 801-899-5719 or visit SpencerRhodes.kw.com.

Whether you’re a homebuyer or seller, you need to know what’s happening in the housing market, so you can make the most informed decision possible. Let’s connect to discuss your goals and what lies ahead, so you can determine the best plan for your move.

Expert Housing Market Forecasts for the Second Half of the Year - KW Utah

Down payment assistance programs have helped many homebuyers achieve their dreams, and if you qualify, they could help you too. Let’s connect today so you can begin exploring your options.

Homeownership Could Be in Reach with Down Payment Assistance Programs - KW Utah