Salt Lake City—Despite facing challenges from rising mortgage interest rates, home prices in Salt Lake County saw a modest increase during the third quarter.
According to UtahRealEstate.com, the median price of a single-family home in Salt Lake County rose to $594,125 in the July-August-September period, marking a 1% uptick from $589,900 during the same quarter in 2022. Among the counties along the Wasatch Front, only Weber County experienced a similar upward trend, with prices climbing by 2% to reach $445,000, up from $435,000 year over year. Davis County, on the other hand, saw a 1% decline in home prices, while Utah County experienced a 4% decrease, and Tooele County witnessed a 5% drop.
The increase in mortgage rates has been notable in 2023, surging by two full percentage points. It peaked at 7.79% in the final week of October, according to Sam Khater, Chief Economist at Freddie Mac. However, in November, rates showed a slight decrease, averaging at 7.29%.
Dejan Eskic, Chief Economist at the Salt Lake Board of Realtors®, noted the persistent trend among prospective homebuyers who are eagerly awaiting a reduction in interest rates and an expansion of housing inventory. He commented, “This is why we have seen home sales decline across the Wasatch Front over the past 18 months."
In Salt Lake County, the sales of single-family homes dipped to 2,103 units, marking an 11% decline compared to the 2,362 units sold in the third quarter of 2022. Weber County also experienced a 3% decrease in sales, while Tooele County saw a 5% decline, Davis County experienced a 16% drop, and Utah County had a substantial 25% decrease in sales.
The median price of condominium sales in Salt Lake County experienced a marginal decrease of 1%, settling at $410,000, compared to $412,990 from the previous year. Condominium sales also decreased by 4% during the quarter.
In total, there were 5,156 single-family homes sold along the Wasatch Front during the third quarter, reflecting a 16% decrease from the 6,114 sales in the same quarter of 2022. The median price of single-family homes sold stood at $563,000, marking a 2% decrease from the $575,000 recorded in the third quarter of the previous year.
The average time single-family homes spent on the market before going under contract in the third quarter on the Wasatch Front increased to 27 days, up from 22 days during the same quarter in 2022.
About the Salt Lake Board of Realtors®
The Salt Lake Board of Realtors® is the Wasatch Front’s voice of real estate and the No. 1 source for housing market information. The Salt Lake Board of Realtors® is the largest shareholder of UtahRealEstate.com, one of the leading Multiple Listing Services (MLS) in the United States. Since 1917, the Salt Lake Board of Realtors® has been a leader in promoting homeownership and protecting private property rights. The Salt Lake Board of Realtors® empowers its members to better serve the public by providing continuing education, advocacy, and a professional code of ethics.
About UtahRealEstate.com
UtahRealEstate.com is where real estate listings originate, and it is the official property information platform for real estate professionals in the state of Utah. We proudly serve approximately 96% of all Realtors® in the state of Utah, according to T3 Sixty 2021 Real Estate Almanac. UtahRealEstate.com operates one of the largest Multiple Listing Services (MLS) in the United States.