Home sales along the Wasatch Front have fallen further this year after tapering off dramatically through the end of 2022 with rising interest rates, but that trend has brought only patchy relief so far on sky-high prices.
New housing construction on the western edge of Magna on Monday, Feb. 20, 2023. Homes sales slowed dramatically in 2022 as mortgage rates climbed and uncertain sellers remained on the sidelines.
Much of that is due to months of steady interest rate increases intended to dampen inflation, which left the average rate nationally on a 30-year mortgage at 6.77% as of Friday, almost twice what it was as 2022 began. For now, though, rates on 30-year mortgages continue to hamper sales. That has improved the available inventory of homes and seems to be slowing price rises after anNew numbers reveal the burst of homebuying that started in March 2020 with COVID-19’s onset and extended until May 2022 effectively pushed up home prices in Salt Lake County by nearly 60% — after almost a decade of steady gains.
January saw fewer homes listed for sale across the country than at any point since the start of the pandemic, he added, meaning that “many of the buyers who were still in the market had a tough time finding a home that met their needs.” “I feel like January gave a sense of false hope,” Eskic said, “then the inflation readings took the wind out of those sails.
Homes rose the most in price in the Avenues and Capitol Hill in Salt Lake County , by about 24% to a median of $927,500. In Utah County, the biggest price gains were in Goshen , at 19.5%, which pushed the median there to $413,300.
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