Paden and Alex bring you the latest Utah Real Estate Market Update where they go over numbers for the month of August. The higher interest rates are definitely doing their job of slowing things down.Comparing August of 2023 to August of 2022, we still are down on new listings and pending sales. Although those numbers are down this year, home prices are staying pretty steady as we take a look at the median sales price. With all of this going on, we still feel like we are in more of a sellers market. There aren’t as many listings out there, rates are high, and sales/listing prices are staying up. Within our brokerage, our listings are sitting on the market longer even though there are buyers sitting on the sidelines. Taking a look at the housing affordability index, we are at an all time low. Meaning that it is pretty unaffordable to buy a house right now. Even though it is a tough time, there are still ways to get creative and make deals happen. Construction companies, lenders and even sellers are doing things to help buyers. Give us a call or send us an email and we would be happy to help you find a way to get into your new home.
