Well hello kittens, let's talk about May 2022 vs. May 2023
First, median home prices in Salt Lake County for single-family homes came in 7.3% lower than last year. The interesting thing though is that we hit our bottom in December of last year when the median home price was $542,000. Initially a 13% price drop from the peak. We've been steadily climbing back up, even with these interest rates.
People are still buying homes and we've started to see multiple offer situations come back due to low inventory.
The biggest thing to think about is this, we have significantly less buyers in the market right now due to being priced out by interest rates. When rates drop near the end of this year or early next year (according to most lenders I'm talking to), do you think it will be easier or harder to get a house under contract?
Don't wait and compete with the masses. Take advantage of the smaller buyer pool and get into the house you want today.
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