Home sales down 41% in Utah; prices still up from one year ago

Nov 23, 2022, 5:27 PM | Updated: 7:42 pm

SANDY, Utah — Home sales in Utah fell nearly 41% in October compared to one year ago, according to the Utah Association of Realtors, while the median sales price increased 7% during the same period.

“Stubbornly high inflation and soaring borrowing costs have eroded buyer purchasing power and have caused the market to cool rapidly this year,” said the association’s monthly report.

The median home sales price in Utah was $492,000 in October compared to $460,000 a year ago. However, prices have fallen from the peak of $539,000 in May of this year.

“The US housing market is undergoing a major shift, and affordability continues to be an obstacle for buyers and sellers,” the report said. “Mortgage rates have doubled since March, and home prices remain elevated due to a limited supply of homes, although price gains are slowing at a quickening pace.”

Realtor Stephanie Grable with The Stern Team at Keller Williams said the market has shifted to a neutral market that’s merging into a buyers’ market.

“What we did during the pandemic, that wasn’t sustainable. That was an anomaly. That was not what’s normal,” she said.

Grable said buyers and sellers are once again bargaining over prices, concessions, and repairs.

“Prior to the pandemic, sellers and buyers actually negotiated with each other,” she explained. “We forgot what that was like for about two years.”

The number of homes available for sale in Utah jumped nearly 94% from this time last year to 12,237 active listings, according to the October real estate report.

Grable anticipates that more buyers will return if interest rates fall. Until then, she reminds that with double the homes on the market, buyers currently have more options and less competition.

“Right now the bidding wars don’t exist,” she said. “So you have the option to go get that house that you want and refinance that rate later.”

Homes are sitting on the market for an average of 46 days until an offer is accepted, the report said. That’s double the market days experienced last October.

“Many homeowners are waiting until market conditions improve to sell their home, while other sellers are increasingly cutting prices and offering concessions to attract a greater number of buyers,” the report said.

Homeowners who sold their home in October received 94.9% of their original list price (not accounting for concessions). One year ago, sellers were receiving 100.3% of their original list price.

KSL 5 TV Live

Local News

Scene at Silver Pines Senior Community (Deseret News)...

Lauren Steinbrecher

Suspect dead in Sandy shooting involving US Marshals Service

A man was shot and killed by a U.S. Marshals task force at Silver Pines Senior Community Friday afternoon.

7 hours ago

Julianna Preece goes through the mountain of medical documents she's acquired for her health condit...

Lauren Steinbrecher

Herriman couple is suing CVS, says 5x Covid vaccine dose mistake caused health problems

A couple is suing a Utah CVS vaccination clinic, saying a nurse’s mistake led to the wife receiving five times the normal COVID-19 vaccine dose and caused serious health issues she’s still dealing with today.

8 hours ago

(KSL TV)...

Mike Anderson

Beaver Mountain welcomes storm as it prepares for winter season

At Beaver Mountain, workers and preseason skiers and snowboarders are anticipating heavy snowfall this weekend.

10 hours ago

Repair shop security camera footage (KSL TV)...

Garna Mejia

Beloved family car stolen in Cottonwood Heights

A family in Cottonwood Heights is offering a $250 reward for the recovery of their stolen 1995 Acura Integra.

11 hours ago

Jordan Thorpe scrapes snow off his windshield after the first snow of the season in the valley in S...

Emma Benson

Winter driving tips to stay safe on the roads

Last weekend's Thanksgiving storm caused more than 100 crashes throughout the state, so officials are urging drivers to be extremely cautious in these conditions.

11 hours ago

The Peaks Ice Arena in Provo, Utah Jan. 2001. (Deseret News/Ravell Call)...

Lindsay Aerts

Peak’s Ice Arena in Provo to get Olympic upgrades

With the Olympics of 2034 focused largely in Salt Lake, the venues outside of the downtown will also need some attention.

12 hours ago

Sponsored Articles

Stylish room interior with beautiful Christmas tree and decorative fireplace...

Lighting Design

Create a Festive Home with Our Easy-to-Follow Holiday Prep Guide

Get ready for festive celebrations! Discover expert tips to prepare your home for the holidays, creating a warm and welcoming atmosphere for unforgettable moments.

Battery low message on mobile device screen. Internet and technology concept...

PC Laptops

9 Tips to Get More Power Out of Your Laptop Battery

Get more power out of your laptop battery and help it last longer by implementing some of these tips from our guide.

Users display warnings about the use of artificial intelligence (AI), access to malicious software ...

Les Olson

How to Stay Safe from Cybersecurity Threats

Read our tips for reading for how to respond to rising cybersecurity threats in 2023 and beyond to keep yourself and your company safe.

Design mockup half in white and half in color of luxury house interior with open plan living room a...

Lighting Design

Lighting Design 101: Learn the Basics

These lighting design basics will help you when designing your home, so you can meet both practical and aesthetic needs.

an antler with large horns int he wilderness...

Three Bear Lodge

Yellowstone in the Fall: A Wildlife Spectacle Worth Witnessing

While most people travel to this park in the summer, late fall in Yellowstone provides a wealth of highlights to make a memorable experience.

a diverse group of students raising their hands in a classroom...

Little Orchard Preschool

6 Benefits of Preschool for Kids

Some of the benefits of preschool for kids include developing independence, curiosity, and learning more about the world.

Home sales down 41% in Utah; prices still up from one year ago