UTAH

Salt Lake seeing highest drop in home sales, national report finds

Nov 22, 2022, 8:30 AM

The median price of a home in the United States just went down for the first time in 10 years. ...

A “for sale” sign is displayed outside of a house in Layton. Median price of a home just went down for the first time in 10 years. A Utah realtor joined KSL at Night to discuss what this means for Utah. Photo: Shafkat Anowar, Deseret News

SALT LAKE CITY–The Salt Lake City housing market is seeing the biggest decrease in home sales, out of more than 50 markets analyzed in a new national report.

According to the latest RE/MAX National Housing Report, Salt Lake City led all markets with a 48% decrease in closed transactions since October 2021.

Salt Lake’s housing market also made the top five in two other categories: days on market and months’ supply of inventory.

According to the report, Salt Lake homes are spending an average of 41 days on the market after being listed. That’s up from a 23-day average in 2021.

Salt Lake’s home supply also saw the second-largest home supply increase nationally, at more than 424% in the past 12 months.

Nationally, closings fell by more than 30% in the last year, and 13% since September. The national median sales price of a home also fell to $399,000.

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Salt Lake seeing highest drop in home sales, national report finds