The housing market in Salt Lake County slowed down slightly in April as only 908 home sales were recorded due to higher mortgage rates and limited supply, according to new data.
New data released Wednesday from the Salt Lake Board of Relators shows only 908 homes sold in April, which is down 32.4% when compared to April 2022. In March 2023, 1,063 closings were recorded.
Salt prices for some residences decreased in April, with the median price for all housing types in Salt Lake County dropping to $495,000. Meanwhile, the median price for a single-family home dropped 8.9% when compared to April 2022, but rose compared to March 2023 at $577,000. The Salt Lake County Board of Realtors said pressure is being put on prices due to the limited supply of houses and"the impact of higher mortgage rates on homebuyers."
"Increased mortgage interest rates have resulted in a considerable rise in monthly payments, posing affordability challenges for potential buyers," said Rob Ockey, President of the Salt Lake Board of Realtors."Additionally, homeowners are reluctant to sell their properties and lose their current low-interest rates."
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hydrologist optimistic about Salt Lake County runoff picture as thunderstorm threat loomsA hydrologist expressed optimism this week about the potential for Salt Lake County to avoid any further runoff and flooding issues. However, the risk still exists, particularly along Big and Little Cottonwood creeks with an upcoming thunderstorm threat.
Read more »
Call of possible drowning leads to death investigation in Salt LakeSalt Lake police are investigating the death of a man who was found near the Jordan River Monday night after officers responded to a report of a possible drowning.
Read more »
Salt Lake City councilwoman Amy Fowler resigns weeks after DUI arrestBREAKING: Salt Lake City councilwoman Amy Fowler has announced her resignation weeks after she was arrested on DUI charges in Utah County.
Read more »
Embattled Salt Lake City Council member to resign after DUI arrestSalt Lake City Councilwoman Amy Fowler is resigning from office, effective July 3. She explained in a statement that she wants her district to be 'fully represented' over the next month, while the city council finalizes its 2024 fiscal year budget.
Read more »
Amy Fowler to resign from Salt Lake City Council following DUI arrestSalt Lake City Council member Amy Fowler has announced she will resign her seat following a DUI arrest earlier this month.
Read more »
Historic 1983 flooding still remembered in Salt Lake CityHistoric 1983 flooding in Salt Lake City -- including 'State Street River' -- still remembered 40 years later
Read more »