Tuesday, September 6, 2022 / by Elissa Tran
Here is YOUR Monthly Market Update for August 2022 in Salt Lake County.
Exciting News for those who struggled to get under contract with multiple offers, You NOW have more homes to choose from! We are seeing over double the inventory with an average of 118% increase year over year on active inventory. This means you have more options when finding your new home.
With increasing interest rates coupled with accelerated appreciation over the last 2 years, we are seeing a slowdown in the number of properties going under contract with an average decrease of 29% compared to last August.
We saw an accelerated average appreciation from last August to this May, from May to July we saw a slight decrease in home sales, and now we are seeing a bounce back on an upward trend. Meaning home prices are still higher than this time last year but are not goi; ...