SALT LAKE CITY (ABC4) – It’s no secret that home sales across the Wasatch Front have skyrocketed in recent years — some since last year.
The housing market in Utah was booming over the last couple of months, but new data shows that home sales have actually dipped — hitting a new 10-year low.
Salt Lake County, Utah County, Davis County, Tooele County, and Weber County all saw a drop in sales over the past month.
ABC4 used data provided by the Salt Lake Board of Realtors to compare home prices in several Utah counties between 2021 and 2022.
Davis County saw a 15.73% increase in median home sale price
Salt Lake County
Salt Lake County saw a 15.96% increase in median home sale price
Utah County saw a 17.50% increase in median home sale price
Tooele County saw a 16.67% increase in median home sale price
Weber County saw a 16.29% increase in median home sale price
A new report by Redfin reveals that home cancelations have hit their highest numbers since the beginning of the pandemic. Nationally, 60,000 housing deals were canceled by buyers in June because of higher interest rates. That’s equivalent to 14.9% of the number of homes that were put under contract during that month.
Right now, the housing market is cooling since interest rates have reached nearly 5% in recent weeks.