BUSINESS + ECONOMY

Home sale rates are dropping faster in Salt Lake City than in any other city

Nov 17, 2022, 6:30 PM

The US housing market is in the midst of a major shift. After two years of stratospheric price appr...

Salt Lake City is leading the nation for having the biggest drop in home sales year-over-year.  (AP Photo/Matt Rourke)

(AP Photo/Matt Rourke)

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.” 

Related stories

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Today’s Top Stories

Business + Economy

EVERETT WALMART, EVERETT, WASHINGTON, UNITED STATES - 2023/04/19: An empty cart is seen near an emp...

Nathaniel Meyersohn, CNN

The real reasons stores such as Walmart and Starbucks are closing in big cities

Several forces are pushing Walmart and Starbucks out of some city centers: a glut of stores, people working from home, online shopping, exorbitant rents, crime and public safety concerns, and difficulty hiring workers.

11 months ago

graduates are pictured, the us is offering some student loan debt forgiveness...

Associated Press

The US has approved $42 billion in loan forgiveness for public service workers. Here’s what to know

The program is separate from U.S. Supreme Court is currently considering whether that plan can go ahead.

11 months ago

people at restaurant eating on mother's day pictured...

Alexandra Peers, CNN

Why Mother’s Day is the most hated day in the restaurant industry

The National Retail Federation forecasts that Mother's Day spending will reach $35.7 billion this year, with a record $5.6 billion spent on a meal or outing.

11 months ago

debt...

Curt Gresseth

Ticktock: US steps closer to debt default

Robert Spendlove, senior vice president and economic and public policy officer at Zions Bank, joins the show to discuss what would happen if the federal government defaults on its debt.

11 months ago

close up of a peleton bike pictured, a recall has been issued for some...

Associated Press

Peloton recalling more than 2M exercise bikes because the seat post assembly can break during use

The recall includes approximately 2.2 million of the Peloton Bikes Model PL01. The bikes were sold from January 2018 through May 2023 for about $1,400.

11 months ago

U.S. President Joe Biden speaks during the Democratic National Committee winter meeting on February...

Arlette Saenz, CNN

Biden takes debt ceiling pitch on road amid standoff with Republicans

The president said he believes the country can avoid default because an "overwhelming number of members of ... Congress know it would be a disaster."

11 months ago

Sponsored Articles

close up of rose marvel saliva blooms in purple...

Shannon Cavalero

Drought Tolerant Perennials for Utah

The best drought tolerant plants for Utah can handle high elevations, alkaline soils, excessive exposure to wind, and use of secondary water.

Group of cheerful team members high fiving each other...

Visit Bear Lake

How To Plan a Business Retreat in Bear Lake This Spring

Are you wondering how to plan a business retreat this spring? Read our sample itinerary to plan a team getaway to Bear Lake.

Cheerful young woman writing an assignment while sitting at desk between two classmates during clas...

BYU EMBA at the Marriott School of Business

Hear it Firsthand: 6 Students Share Their Executive MBA Experience at BYU’s Marriott School of Business

The Executive MBA program at BYU offers great opportunities. Hear experiences straight from students enrolled in the program.

Skier being towed by a rider on a horse. Skijoring....

Bear Lake Convention and Visitors Bureau

Looking for a New Winter Activity? Try Skijoring in Bear Lake

Skijoring is when someone on skis is pulled by a horse, dog, animal, or motor vehicle. The driver leads the skiers through an obstacle course over jumps, hoops, and gates.

Banner with Cervical Cancer Awareness Realistic Ribbon...

Intermountain Health

Five Common Causes of Cervical Cancer – and What You Can Do to Lower Your Risk

January is National Cervical Cancer Awareness month and cancer experts at Intermountain Health are working to educate women about cervical cancer.

Kid holding a cisco fish at winterfest...

Bear Lake Convention and Visitors Bureau

Get Ready for Fun at the 2023 Bear Lake Monster Winterfest

The Bear Lake Monster Winterfest is an annual weekend event jam-packed full of fun activities the whole family can enjoy.

Home sale rates are dropping faster in Salt Lake City than in any other city