HOUSING WATCH

Are Home Sales and Prices Stabilizing in Salt Lake?

Despite a year-over-year decline, Salt Lake’s housing market showed signs of recovery in March, with sales rebounding from February and a slight increase in median prices. A total of 1,063 homes were sold in March, a 19% drop from the 1,319 sales in March 2022 but a significant 40% jump from the 758 sales in February.

Rob Ockey, President of the Salt Lake Board of Realtors®, commented, “Although home sales are gradually picking up pace, they remain vulnerable to mortgage rate fluctuations. The spring buying season has witnessed multiple offers on homes, highlighting the need for additional supply to satisfy demand.”

In March, the median price for all housing types declined by 3% year-over-year to $516,895 but increased by 5% compared to February’s $494,500. Single-family homes registered a median price of $575,495, down 8% from $624,950 in March 2022, yet up 3% from February’s $560,000 median. These homes seemed to hit their lowest price in January at $535,750, with prices rising by 7% from January to March.

Multi-family homes (condominiums, townhomes, twin homes) recorded a median price of $420,000 in March, an 8% decrease from the previous year but a 1% increase from February’s $416,000. After bottoming out at $400,000 in December, multi-family home prices have risen by 5%.

The recent upward trend in housing prices may indicate that the market is approaching a turning point. In March, properties typically remained on the market for 29 days, down from 44 days in February, but significantly longer than the mere five days in March 2022.

Nationally, home sales dropped by 22% in March, down from 5.69 million in March 2022, according to the National Association of Realtors®. The U.S. median existing-home price for all housing types in March was $375,700, a slight decline of 1% from March 2022 ($379,300). Prices increased modestly in three regions but fell in the West.

All-cash sales represented 27% of transactions across the nation in March, down from 28% in February and the previous year. In Salt Lake County, all-cash sales accounted for 16% of closings in March.

Individual investors or second-home buyers, who often make cash sales, purchased 17% of homes in March, down from 18% in February and the previous year.

Distressed sales – foreclosures and short sales – made up 1% of sales in March, nearly identical to the previous month and year.

Northern Utah Communities

MAGNA

1 LITTLE VALLEY GATEWAY Single Family & Townhomes 8528 W Cordero Drive

GRANTSVILLE

2 SUN SAGE MEADOWS/TERRACE

Single Family & Townhomes 11 N Kent Street

3 GRANTSVILLE ESTATES Single Family Quirk Street & Pear Street Sales Office @ Sun Sage Meadows/Terrace

TOOELE

4 WESTERN ACRES Townhomes 300 E 1500 N

5 LEXINGTON GREENS Single Family 502 W 1300 N

LEHI

6 SKYE - COMING SOON Single Family, Townhomes & Active Adult 400 N Center Street

7 COLD SPRING RANCH Single Family & Townhomes 700 N Old Ranch Road

SARATOGA SPRINGS

8 NORTHSHORE Single Family & Townhomes 1043 E Batten Court

EAGLE MOUNTAIN

9 EAGLE POINT TOWNHOMES

Townhomes 1765 E Eagle View Lane

AMERICAN FORK

10 EDGEWATER- COMING SOON Townhomes 1122 West 310 South

PROVO 11 OSPREY TOWNHOMES

Townhomes 686 W 1920 S

SPANISH

SANTAQUIN

1413 S Fox Run Avenue

CEDAR CITY

16 OLD SORREL RANCH Single Family 337 S Sherratt Dr. Sales Office at Summiet Ridge Townhomes

17 OLD SORREL TOWNHOMES

Townhomes 550 S Cross Hollow

WASHINGTON 18 LONG VALLEY Single Family, Townhomes, Active Adult 1482 S Wagon Box Way

ST. GEORGE 19 DESERT COLOR Single Family 699 W Fire Sky Drive