UTAH (ABC4) – Despite the recent boom in Utah’s real estate market, new data now shows that home sales across the Wasatch Front are continuing to slow as new listings continue growing.

The Salt Lake Board of Realtors reports home sales have fallen at least 10% across the five counties in the Wasatch Front compared to a year ago.

This past June, Salt Lake County home sales have hit the lowest amount in a decade, falling 27% lower than in June 2021. This marked a new 10-year low for the county.

Yet despite dropping sales, Salt Lake City saw one of the largest increases in new home inventory in the nation. According to the latest housing report from RE/MAX, Salt Lake City saw a 110% increase in the number of available homes to purchase year-over-year in 2022.

With home listings continually growing and sales seeing a decline, experts predict the real estate market may finally even out soon enough.

“After two years of a frenzied market with multiple offers tens of thousands of dollars above asking price, Utah’s real estate market is approaching normalcy,” said Dejan Eskic, chief economist of the Salt Lake Board of Realtors and senior research fellow at the Kem C. Gardner Policy Institute. “Instead of a home taking a couple days to sell, it probably will take a few weeks.”

New listings in Salt Lake County continued growing in the second quarter of 2022, seeing a 5% increase from the same time last year. “As of July 28, active listings statewide on UtahRealEstate.com totaled 9,326, up 160% from 3,593 a year earlier,” reports the Salt Lake Board of Realtors.

The median price of a single-family home has remained strong however, increasing to $625,000, up from $525,000 at the same time in 2021. The median price for a condo rose to $445,000 which is up 22% from $365,000 last year.

“Rising inventories will begin to favor home buyers,” says the Salt Lake Board of Realtors. “In addition to more houses for sale, last year was a record-breaking year in the number of residential permits issued in the state of Utah, helping to erase a statewide cumulative housing shortage.”

For prospective homebuyers, the market seems to be slowly turning in their favor.

“Buyers should remember that rates are still considerably low historically and are expected to continue to rise more through 2022 and early 2023,” Josh and Jen Horner with RE/MAX Masters in Salt Lake City tells ABC4.com. “SLC home buyers at this time are gaining more leverage as the market shifts and the Buyer to Seller ratio becomes more balanced.”