utah housing market slowing down

The coronavirus and its broad impacts on society appear to be worsening Utahs ongoing shortage of homes economists and market analysts say and in turn that housing gap could be worsening. SALT LAKE CITY It appears Utahs housing market may be slowing ever so slightly according to the latest Salt Lake County home sale figures.

Where Zillow Says Home Prices Are Headed In 2022

Courtesy Utah Association of Realtors.

. Affordability is becoming an issue. Its leaving potential home buyers to. Housing demand remains high as well.

Will it slow down the market. SANDY Utah ABC4 Home sales have slowed down in Salt Lake County over the last month. Metros overall decreased by 16 over last year in March an improvement in the rate of decline compared to last months 221 decrease.

In 2020 most homes stayed on the market for 21 daysand were now seeing homes go a little faster typically selling after 19 days. The use of the housing market as a major investment vehicle for the ultra rich I am not talking about someone renting out grandmas house after she dies but the big guys owning 1000s of properties is the crux of the problem. In 2021 Utahs home prices increased by a staggering 27 statewide shattering the 43-year-old record of 201 set in 1978 according to the Salt Lake Lake Board of Realtors.

In February it was up nearly 30 compared to the year before. More than half of Utah households were unable to afford the median-priced home in 2021 and nearly three-quarters of renters were already priced out in 2020. If you can make it so housing isnt as attractive of an investment theyll pull their money out and go elsewhere.

Meanwhile house prices are high. There are several macro indications that we will continue to have a strong real estate market in Utah. Bond-tapering and Fed rate hikes started on March 16 2022.

Now this is great news for sellers who are itching to get their homes sold fast. As a result Yun predicted the higher rates will slow the housing market citing a five-month decline in pending home sales as well as a drop in newly constructed single-family homes. Across Utahs five-county Wasatch Front there were 7703 overall home sales of all housing types in the first quarter of 2021 down from 7978 sales in the first quarter of 2020.

According to one study fewer people are leaving Utah. 1 day agoYun predicts inflation will remain up for the next several months and the housing market will see more monetary policy tightening through a series of rate hikes. Will the bubble burst or are the high prices here to stay This is the question at the front of everyones mind.

From September 2020 to September 2021 Utahs median sold price rose by 26 percent for single family homes and 24 percent for multifamily homes. GTU Utah home values are skyrocketing and the housing market doesnt show any signs of slowing down. Many areas are seeing price increases in the double digits up to 23 percent of what they were in the beginning of 2020.

Theres a good chance homes will continue to get snatched up fast in 2022. What will happen with Utahs real estate market after the Federal Reserve met this week and increased the rate by 5. It appears Utahs housing market may be slowing ever so slightly according to the latest Salt Lake County home.

For example the states job growth is above average and unemployment is below average. Housing inventory in the 50 largest US. Metros overall decreased by 16 over last year in March an improvement in the rate of decline compared to last months 221 decrease.

The latest housing data shows the median priced home in Utahs most populated county increased to 550000 in the third quarter of 2021. Utahs market is unlike any other in the country. Tooele County has gone up 18 percent and Weber County has gone up 23 percent.

Instead I think home prices will rise by closer to 8 in 2022 not 16 like it did in 2021. James Wood senior economist with the University of Utahs Kem C. Gardner Policy Institute said Utahns at lower incomes are the worst hit by the current housing pinch leaving them one crisis.

This pace of double-digit price appreciation in the housing market is unsustainable. Houses in Salt Lake County went from 400000 to 468000 while those in Utah County have gone up 20 percent. The Salt Lake Board of Realtors says fewer listings and higher home prices caused home sales to slow.

Utahs Median Sales Price has been on a steady upward trend since 2012. GEORGE New data suggests that housing prices in Utah may be due for a shift according to two new reports shared with St. Housing prices have skyrocketed so much now more than half of Utahs.

The total housing supply is not enough to mark it as a buyers real estate market and it is not equal to what is needed to relieve the historically tight home supply. Within the county during the month of July 1602 homes sold including single-family condominiums townhouses mobile and recreational homes. Is the housing market slowing down.

In Salt Lake County single-family home sales were down. Those figures suggest a favorable position for the states economy. Thats a new high and a 28 jump from the median price of 430000 in the same time period from 2020.

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