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Utah home sales started the year down from 2024 while the median sales price increased slightly. Inventory jumped more than 18%, giving buyers more choices during the home-shopping process, but high mortgage rates continued to hurt affordability.
"More housing supply allows strongly qualified buyers to enter the market," said Lawrence Yun, chief economist of the National Association of REALTORS® in a press release about existing U.S. home sales. "But for many consumers, both increased inventory and lower mortgage rates are necessary for them to purchase a different home or become first-time homeowners."
A new Salt Lake Board of Realtors report expects interest rates to remain between 6% and 7% in 2025 with a modest increases in Salt Lake home sales and prices.
Utah ended 2024 with home sales increasing nearly 7% compared to 2023. The final three months of the year had the highest gains with sales up 15% for the fourth quarter. Sales rose about 13% in December alone.
"Home sales in the final months of the year showed solid recovery despite elevated mortgage rates," said NAR Chief Economist Lawrence Yun in a press release about U.S. existing home sales. "Home sales during the winter are typically softer than the spring and summer, but momentum is rising with sales climbing year-over-year for three straight months. Consumers clearly understand the long-term benefits of homeownership. Job and wage gains, along with increased inventory, are positively impacting the market."
Utah housing statistics for REALTOR members: utahrealtors.com/realtors/market-statistics/
Utah housing statistics for the public: utahrealtors.com/consumers/resources/statistics/
Monday, Feb. 3, is the last day to register for REALTOR® Day at the Legislature. Join us on Feb. 10 from 11 a.m.-2 p.m. at the Little America Hotel to learn about this year's legislative bills that affect real estate. We've invited the Legislature to join us for lunch, and Lt. Gov. Deidre Henderson and other Utah public officials will be speaking. There will be three CORE real estate C.E. credits. Register now: utahassociationofrealtors.regfox.com/realtor-day-at-the-legislature-2025
I have to have a surgical procedure done that day. How do I get a refund if that is possible?
Utah Association of Realtors
2 weeks ago
Utah home sales started the year down from 2024 while the median sales price increased slightly. Inventory jumped more than 18%, giving buyers more choices during the home-shopping process, but high mortgage rates continued to hurt affordability.
"More housing supply allows strongly qualified buyers to enter the market," said Lawrence Yun, chief economist of the National Association of REALTORS® in a press release about existing U.S. home sales. "But for many consumers, both increased inventory and lower mortgage rates are necessary for them to purchase a different home or become first-time homeowners."
A new Salt Lake Board of Realtors report expects interest rates to remain between 6% and 7% in 2025 with a modest increases in Salt Lake home sales and prices. ... See MoreSee Less
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Utah Association of Realtors
1 month ago
Utah ended 2024 with home sales increasing nearly 7% compared to 2023. The final three months of the year had the highest gains with sales up 15% for the fourth quarter. Sales rose about 13% in December alone.
"Home sales in the final months of the year showed solid recovery despite elevated mortgage rates," said NAR Chief Economist Lawrence Yun in a press release about U.S. existing home sales. "Home sales during the winter are typically softer than the spring and summer, but momentum is rising with sales climbing year-over-year for three straight months. Consumers clearly understand the long-term benefits of homeownership. Job and wage gains, along with increased inventory, are positively impacting the market."
Utah housing statistics for REALTOR members: utahrealtors.com/realtors/market-statistics/
Utah housing statistics for the public: utahrealtors.com/consumers/resources/statistics/ ... See MoreSee Less
Share on FacebookShare on TwitterShare on Linked InShare by Email
Comment on Facebook
Utah Association of Realtors
1 month ago
Monday, Feb. 3, is the last day to register for REALTOR® Day at the Legislature. Join us on Feb. 10 from 11 a.m.-2 p.m. at the Little America Hotel to learn about this year's legislative bills that affect real estate. We've invited the Legislature to join us for lunch, and Lt. Gov. Deidre Henderson and other Utah public officials will be speaking. There will be three CORE real estate C.E. credits. Register now: utahassociationofrealtors.regfox.com/realtor-day-at-the-legislature-2025 ... See MoreSee Less
Share on FacebookShare on TwitterShare on Linked InShare by Email
Comment on Facebook
I have to have a surgical procedure done that day. How do I get a refund if that is possible?