We saw a decline in single family home prices in Salt Lake County of over 7% between 2022 and 2023.
What is causing this? Interest rates.
Many folks have been priced out of the market because, as we all know, you don't buy a home based on price, you buy a home based on the monthly payment.
Interest rates have caused prices to drop but they've already rebounded from their low of $561,000 in December of last year. Most likely, that was the bottom of the market. It may be a while before we see the peak high of $636,000 but price action shows that there isn't a bubble to be burst, its straight forward economics.
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