Utah's most populated county, Salt Lake County, has seen its first year-over-year decline in housing prices since 2011.
That rush caused Salt Lake County's median single-family home price to jump nearly 60% from 2020 to 2022. In May of last year, the county's single-family median home price was $650,000. Since then, home prices have fallen 17%.
Jim Wood, the Ivory-Boyer Senior Fellow at the University of Utah's Kem C. Gardner Policy Institute, has a more optimistic forecast, expecting Utah will see minor "year-over-year price declines in the first and second quarter of 2023, but prices will begin to stabilize by the third and fourth quarter," he told real estate professionals at the Salt Lake Board of Realtors' 2023 housing forecast earlier this month.
That's the "steepest single-year drop on record, ," according to the board. "Prior to 2022, real estate sales had been remarkably consistent for seven years at about 18,000 sales, only diverging in 2020, the pandemic year, when sales jumped to 19,000 units."Even though housing prices remain high when compared to just three years ago, slowing sales and dipping home prices could help give homebuyers a bit more of an edge compared to 2020 and 2021's frenzied market.
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