SALT LAKE CITY — Salt Lake City is leading the nation for having the biggest drop in home sales year-over-year. 

RE/MAX reports that home prices are dropping across the country. However, Utah’s hotter-than-hot housing market is cooling quickly. 

RE/MAX found that home sales are down in the Salt Lake area by 48% compared to last year. 

That’s the biggest drop anywhere in the country. 

“We’re seeing a little bit more of a, I guess you could call it a rebalancing in the market,” said Dejan Eskic at the Kem C. Gardner Policy Institute. 

People who can afford to, are still buying homes, according to Eskic. But many people who can’t afford the current interest rates are stuck on the sidelines. 

Salt Lake City also seeing a big increase in the number of days homes are on the market.

Last year, it only took an average of 23 days to sell a home. Now, it takes 41. 

Eskic also said this is just part of seasonal changes.

“Buyers have a little bit more power now than they did a year ago,” Eskic said. “This week, we’re seeing better interest rates than we had last week. So it’s definitely slow from a year ago, but I would still say it’s a slightly active market.” 

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