COVID-19-MONEY-SECURITY

Utah home buyers face stiff competition in a COVID market

Jul 29, 2020, 10:43 AM | Updated: 10:50 am
first time millennial homebuyer Utah...

SALT LAKE CITY — Many people are facing uncertain financial times. With unemployment still at record highs, a lot of people are choosing to remain in their homes and not sell.

However, record low interest rates have many jumping at a chance to buy, creating bidding wars among home buyers in Utah.

In June 2019, a little over 4000 homes were on the market.  And the median sales price was $345,900.

This year, a total of 2,346 houses were up for sale in June.  With only half the amount of houses on the market, 64% of buyers say they got into bidding wars, driving the median sales price up to $370,400.

According to a recent report by Redfin, the Salt Lake City metro area is now the third-most competitive housing market in the nation, behind Boston and San Diego.

Unfortunately for those looking to buy, the trend is likely to continue. Last year, more than 2,000 people put their houses up for sale in the month of June alone.  This year, only 493 new listings appeared in the most popular month to sell a home.

 

 

COVID-19-Money-security

canada truck blockade COVID...
ROB GILLIES and TOM KRISHER Associated Press

Four-day truck blockade at US-Canada border shuts auto plants

The bumper-to-bumper demonstration entered its fourth day Thursday at the Ambassador Bridge connecting Windsor, Ontario, to Detroit.
3 months ago
Hiring sign is displayed outside of a retail store in Vernon Hills, Ill., Saturday, Nov. 13, 2021. ...
By Paul Wiseman

US unemployment claims at 52-year low

The number of Americans applying for unemployment benefits plunged last week to the lowest level in 52 years.
5 months ago
Money, COVID-19 financial assistance program reportedly a big success. Photo: Pexels...
Paul Nelson

Salt Lake City calls COVID-19 financial assistance program a big success, some housing funds still available

Officials in Salt Lake City say their financial assistance program to help families with during the pandemic was a success. 
5 months ago
FEMA Photo: canva...
Eliza Craig

FEMA adds $8.4 million to Utah’s COVID response fund

FEMA said the funding will go toward personal protective equipment including medical gowns, N95 masks, and gloves.
6 months ago
September Jobs...
Anneken Tappe, CNN Business

Major disappointment: US economy adds only 194,000 jobs in September

US employers added only 194,000 jobs in September, another troubling sign that Covid is disrupting the economy.
7 months ago
Holla Dollars...
Mary Richards

“Holla Dollars” are released in Holladay to support local business

Holla Dollars can be downloaded in ten dollar increments and were made available by money sent to the state for pandemic relief.
7 months ago

Sponsored Articles

Prescription opioid...
Know Your Script

Prescription opioid misuse | How to protect your family from the opioid epidemic

Studies have shown that prescription opioid misuse has increased since COVID-19. So what do you need to know about these opioids?
...

Tax Tuesday: The Most Common Mistakes People Make When Filing Their Taxes

Fortunately, for most average earners, they will not end up owing overpayments received for the Child Tax Credit in 2021.
...

Tax Tuesday: How will last year’s child tax credits affect you?

Fortunately, for most average earners, they will not end up owing overpayments received for the Child Tax Credit in 2021.
...

Tax Tuesday: Key Information Before the Filing Deadline

Businesses can receive a credit of up to $5,000 per employee in 2020 and up to $21,000 per employee in 2021.
national heart month...
Intermountain Healthcare

National Heart Month: 5 Lifestyle Changes to Make Today to Keep You Heart Healthy

Heart disease is the leading cause of death for both men and women. One person dies every 36 seconds in the United States from cardiovascular disease
Joseph Smith Memorial Building...
Temple Square

The Joseph Smith Memorial Building is an icon of Salt Lake City | Why hosting an event at this beautiful location will make you a hero this year

Here's why hosting an event at the iconic Joseph Smith Memorial Building in downtown Salt Lake City will make you a hero this year.
Utah home buyers face stiff competition in a COVID market