Home sales across the Wasatch Front — already on a downward slide due to escalating prices and a lack of inventory — have plunged to deeper lows due to rising interest rates, data shows.
and a lack of inventory — have plunged to deeper lows due to rising interest rates, data released Thursday shows.
“After two years of a frenzied market with multiple offers tens of thousands of dollars above asking price, Utah’s real estate market is approaching normalcy.”Prices shot up but might be slowing, too It might take a few months or longer before the Federal Reserve’s inflation-targeted hikes in interest rates — which are now hovering north of 5% for a standard 30-year mortgage — start to slow the growth in those prices significantly.
Their price range topped $1 million, but they still couldn’t find anything, looking in Millcreek, Cottonwood Heights, Sandy, Draper and Midvale. That is, until Tuesday, when the couple closed on a home on the same street where they have lived for almost 20 years, at well under the price they had budgeted.
A national study indicates that Ogden in Weber County was among the first 12 U.S. cities in June to start seeing what researchers call price premiums on homes begin to decline, along with other Western cities such as Boise, Denver, Portland, Seattle, San Francisco and Los Angeles.
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