Real estate investors number by the thousands in the US. Therefore, experts expect that Utah home prices will slow down their staggering growth and may decline in some areas. The number of days on the market had also increased sharply at 39 median D.o.M., compared to 15 the previous year, further indicating that the days when properties were being snatched off the market as soon as they were listed are long gone. Utahs housing experts disagree over how much home prices will decline, though they remain confident that 2023 will not bring a full blown, 2007-like crash, and that Utahs strong job economy will still largely insulate it from any negative impacts of a recession. There was a 98.0% sale-to-list price, down 2.7 points year over year. This, combined with higher mortgage rates, likely impacted sales in the fourth quarter. Homes that sold above list price likely received multiple offers. The median sale price for a house in West Valley City was $436,500 in September 2022, representing a 2.9% increase in year-over-year comparisons. As the demand for housing decreases as buyers find themselves priced out of the market by the increasing cost of borrowing money or postpone their homebuying plans to preserve their buying power, we can expect Utah housing prices to stabilize or diminish. How is the real estate market in Utah? That is, after a summer of twist and turns, when prices peaked, interest rates went sky high, buyers were shocked out of the market, and sellers were saying, Wait, how come were not selling the home in two days? Find an experienced, trusted local real estate agent with FastExpert. The housing market in Utah is still highly competitive since the population continues to grow, the job market remains strong, and the quality of life is high. By April, mortgage rates had begun shooting up. Wallethub found Utah is the. But having price declines is really unusual, Wood said. Thats the story of 2022. Colorado Data We also observe a lengthening of the time spent on the market and a decrease in both new listings and sales, which points towards a general slowing down of the Utah housing market. Focus on the unbelievable increase you have gained over the past 10, 5, or even 2 years! Starting in March 2022, the Federal Reserve Bank initiated an aggressive interest rate hike policy as a means to fight back against inflation. Prices were 3.7% lower than in the third quarter of 2022. My current forecast is that mortgage rates will trend lower as we move through the year. Utah Housing Market Overview What is the housing market like right now? Major Utah cities covered in this report: These Utah real estate reports, data, forecasts, and market trends are provided for informational use. After the next seven months, the median price fell by 14% to $485,829, erasing month-over-month percent increases until finally turning negative 2.1% in December, Wood wrote in his report. Home prices skyrocket amid early pandemic months due to bidding wars and a shortage of active listings. Homes in Big Willow Creek Estates are under construction in Draper on Friday, Nov. 11, 2022. Roughly two-thirds of the population live in the Wasatch Front in the north-central part of the state, which includes the capital city, Salt Lake City. How could I possibly give an objective opinion? Doing read more, Click here to browse our Real Estate Agent Directory and contact top-rated agents in your area! With nearly 2,000 miles of shoreline, Lake Powell possesses endless outdoor adventures. Property values will likely decline over the next 6 to 12 months and then flatten in the Utah housing market. Please note that while we have included updated and accurate Airbnb data from Mashvisor, each city and county have different rules and regulations about short-term rentals. What is the housing market like in Cache County today? Housing prices are deemed overvalued when their local incomes, job market, and economy do not support the sale prices. According to data collected in September 2022, the latest available at the time of writing, the median sale price for a house in Utah stood at $533,500, representing a 5.6% increase compared to September 2021. Inventory levels have skyrocketed, with the average number of homes on the market up a remarkable 248% from the same period in 2021. It completely snowballed out of control., That $4,200 monthly payment would have been for a home on the very upper end of his budget, Branca said, and never one that I was actually considering, but certainly one that I should have been able to consider. We hope that this information may assist you with making better-informed real estate decisions. The average annual profit of property investment was: 10.098% in 2018; . Median sale price: $611,600. We dont have that.. In June 2020, the median sales price across Utah averaged $363,600 and has now jumped to $580,000. Heres what volatile mortgage rates are doing to your purchasing power, Utah housing prices down from spring peak but theyre still higher than last year. increase. You can try RealAdvisor home value appraiser, to get the value of your home in Utah. So Branca said he made the decision to back out of the market, hoping to maybe consider buying again when interest rates and potentially prices come down. Historically low-interest rates, job growth, and pandemic conditions made Utah a highly attractive state for both homebuyers and investors. For this reason, despite the high median property price, investors in rental properties are most likely to enjoy very good returns. The average months of supply is 3 months, up 3 year over year. Matthew has over 30 years of professional experience both in the U.S. and U.K. Utah Housing Market- Trends and Predictions for 2022, Preston Hicks Real Estate Group - JMG Utah, What does exclusive right to sell mean? Therefore, the impact of increasing interest rates has been felt more in the state than in other parts of the country. So youll find the deals with the homebuilders, but youre not going to find the deals on (existing) homes, Eskic said. Winter sports are a highlight in Utah. Its going to be tough for home builders, Wood said. While interest rates remain high, the coming year will likely see continued cooling of the housing market in Utah; however, lack of supply will buffer most markets. Right now, the continued rise in both mortgage rates and home price have kept many out of the housing market. However, there is no denying that the rapid increase in interest rates, with more likely in the work before inflation reaches a targeted rate of 2%, has significantly affected it. price indicates that the housing market is competitive and bidding wars are becoming more common. And to Branca, that meant home ownership became completely inaccessible.. Despite the expensive prices, the inventory cannot keep up with the growth pace. In 2021, buyers were getting raked over the coals, having to give a years supply of pizza with their offer. Thats not hyperbole, he said. 28.7% of homes sold above the asking price, reaching a median sale price of $525,000, which represents a 7.8% increase in the past year. Year over year, prices rose in four markets but pulled back in the other three. While this may be good news for home buyers, rates will still be higher than they have become accustomed to. Months supply of inventory: 3 up from 1 in September 2021. The average sale price in the fourth quarter rose a modest .6% from the fourth quarter of 2021 to $604,105. At the very least, folks can expect some sort of moderation over the next few years but not a decline. Our Utah real estate market data is updated quarterly to aid in your real estate forecasts. With their buying power significantly diminished, house hunters find themselves priced out of the market or may consider postponing their home-buying plans until interest rates return to a more affordable level. With the rise of interest rates, a significant economic shift is occurring and we will likely see Utah home sales temper buyer demand. Scotty Fletcher, left, and his partner Joseph Branca hang out in their living room in the apartment they rent in Salt Lake City on Thursday, Dec. 29, 2022. In addition, while year-on-year figures still show growth, monthly data is beginning to tell a different story of dropping prices, a trend that is expected to continue through the rest of 2022 and into 2023. Where do we go from here? And due to Utah being a robust economic powerhouse, this state will be poised for the quickest and most powerful market shift back to an unbalanced sellers market. Home > Blog > Market News & Trends > Utah Housing Market- Trends and Predictions for 2022. All areas saw average market time rise compared to the third quarter of 2022 as well as the fourth quarter of 2021. As a result, average days on market have increased, and sellers are becoming more open to negotiation. -0.63% home value decrease month over month. As of November 2022, four consecutive 75 bps increases brought mortgage rates over 7%, reaching their highest level since April 2008 and standing over twice higher as the same time last year. I dont think thats happened yet.. They also anticipate prices to grow 8.5% and sales to grow 15.2%. The competition has been made even tougher since the pandemic started, with people from California and Colorado making their exodus to the Beehive State in search of more affordable housing along with a good educational system and a lower cost of living. While they both agree the market is in the midst of a price correction after two years of runaway demand amid the pandemic housing frenzy, they have differing outlooks for just how deep that price correction will run next year. All of this, of course, depends on how local markets fair. I dont think were going to get a recession now, in Utah., Eskic, smiling, said he and Wood should make a bet on stage. Given that interest rates more than doubled in less than a year, its impossible for there not to be an impact on the housing market. The Utah housing market is poised for economic growth, continually making it a desirable place to live, bringing with it a demand for homes, straining supply, and causing prices to remain and increase in value. The U.S. housing market is going through what Federal Reserve Chairman Jerome Powell has called a difficult correction and a reset as it comes off the tail end of a pandemic frenzy fueled housing bubble. In its fight with record inflation levels throughout 2022, the Fed made a series of aggressive borrowing rate hikes, which translated to a spike in mortgage rates that priced or spooked buyers out of the market. , The direction and pace at which housing supply changes indicate whether the options for buyers are increasing or decreasing. Dont focus on the loss you may believe you are experiencing if you sell today. Historically speaking, real estate only becomes more expensive over time. The latest migration analysis is based on a sample of about two Browse through the largest marketplace of Real Estate professionals, We have an in-house team that will guide you through the process. By comparison, interest rates 20 years ago averaged between 6%-7%, and 1981 experienced interest rates of 16%. The discussion between Eskic and Wood was moderated by Clark Ivory, CEO of Ivory Homes, which is Utahs largest homebuilder. Historically, even if the nation experiences economic troubles, Wood said Utahs strong employment economy typically makes the state resilient. Heres what volatile mortgage rates are doing to your purchasing power, Stuck between rent hikes and high home prices, this family is scraping by to afford a home, still cant afford to buy something at a significantly lower quality, How the housing market is making boomers richer and millennials poorer, how many other Utahns the market has priced out, 79% of Utah households couldnt afford the states median priced home, Why two housing experts disagree on how much Utah home prices will drop in 2023, National Association of Realtors chief economist Lawrence Yun, What state lawmakers are doing to address Utahs housing crisis, Department of Labor reports that child labor has increased by nearly 70% since 2018, Feds hardwire child care benefits to $39 billion in CHIPS Act funding, Grit and circumstance: Bestselling author Angela Duckworth brings her wisdom to BYU, The starter home in Utah is extinct: How first-time homebuyers could get 20K for new homes, How a new service aims to help teens remove explicit internet images. But housing costs werent nearly as high back then, Eskic interjected. In addition, inflation and the looming specter of a recession are also taking a toll on Utah residents buying power. Meanwhile, new home construction. If one were to understand what the Utah housing market forecast 2022 is implying here is that renters are facing bigger challenges of acquiring their own properties. 2022's housing market follows Utah's hottest housing year ever . If you ask Perry, they have a silver lining. First-time homebuyers will need to be successful in the 2022 housing market if we are going to see the homeownership rate begin to climb again. So many factors come into play. Mashvisors Utah housing market forecast 2022 and pretty much all other real estate forecasts for the year have identified Salt Lake City metro area as the countrys hottest housing market-beating other burgeoning areas like Boise ID and Spokane WA. Average home value: $562,693. He graduated from Spanish Fork High School. FastExpert partner and Utah real estate agent, Preston Hicks, shares his professional perspective on the Utah housing market. The direction and pace at which home prices are changing are indicators of the strength of the housing market and. Industry experts and analysts have recently released their different takes on various US housing markets. It was the year that put homeownership far out of reach. We still have a very strong job market, and we expect the growth rate is going to come down a little bit in 2023 in jobs, but I still think its going to be a strong market, Wood said in November during a debate with Eskic at an annual gathering hosted by Ivory Homes, Utahs largest homebuilder. Utah Housing Market Forecast 2022: The Complete Guide, Step-by-Step tips on using real estate analytics, Top Investment Properties for Sale in Midway, Top Investment Properties for Sale in North Ogden, Top Investment Properties for Sale in Ogden, Top Investment Properties for Sale in Orem, Top Investment Properties for Sale in Payson, Top Investment Properties for Sale in Provo, Top Investment Properties for Sale in Salt Lake City, Top Investment Properties for Sale in Sandy, Top Investment Properties for Sale in Santa Clara, Top Investment Properties for Sale in St. George, Orlando Real Estate: Top 10 Neighborhoods to Invest In, How to Find Investment Property in the Los Angeles Real Estate Market 2018, Tampa: Hot Weather, Hot Real Estate for 2017, Hawaii Real Estate: Most Affordable Places for Traditional and Airbnb Investments 2018. In 2021 the average interest rate was 2.96%, the lowest interest rate that FreddieMac measured since 1971. When is the best time to buy a house in Utah? Shouldnt I wait for mortgage rates to decrease before I buy? Single Family Rentals Facing Challenges in 2023, January 2023 Mortgage Rates: What to Expect, Existing Home Sales Fall in November 2022. Utah Housing Market Forecast, What To Look For In 2022 The housing market in 2021 made the "American dream" feel more and more out of reach for a lot of people. With a $105,000 annual income, Branca said he was approved to buy a $550,000 home. But Wood is more bullish than Eskic. From peak-to-trough, he expects prices to decline by a percentage somewhere in the mid to low teens, depending on interest rates. The mortgage rates will likely continue to rise compared to what they are today. Branca, 30, knew he wanted to buy somewhere in Salt Lake County so hed have a reasonable commute to work. 2022. That said, listing prices were higher in Morgan, Wasatch, and Summit counties compared to the prior quarter. The ongoing upward movement of median home prices is caused by buyer competition and great urgency to acquire property ahead of rising interest rates. It is equally impressive to see that the unemployment rate remained at a very low level even as the state added over 52,400 people to the workforce. He's predicting Utah home prices will drop 9% year over year in 2023. Well, perhaps I cantAlthough based on facts, I believe I can. While overvalued does not necessarily mean that a housing market will crash, these markets are at a higher risk of a sharper correction when economic conditions change. Why is it taking two weeks, a month, six weeks?. Even this far into 2022 with the mortgage rate hikes, Utah remains one of the hottest markets. Over 2022, the Federal Reserve has been battling sky-rocking inflation with their number one weapon, interest rates. So its really tough to say, but I think its going to be minimal negative, or negative positive, Yun said. While home prices have decreased about 3% month over month, home prices are up nearly 9% year over year in August. Connect with an Agent Along with his love of family, he has a very strong competitive spirit, is passionate about personal development, and truly cares for others. In Utah, because of its continued strong job economy, experts predict the states housing market to experience some turbulence in 2023 but come out strong next year. We hope that by publishing this Utah housing market forecast 2022 edition, we have shed some light and provided insight into some of the questions and concerns prospective investors and buyers may have. Like, they were not outrageous houses or homes that would have been that (price) five or 10 years ago.. This trend continued through the pandemic resulting in record-high home prices and rental rate growth. So unless we have a real serious recession, I think prices have some support given our economy.. This was down 45% compared to the same period the previous year and down 27.8% compared to the third quarter of 2022. Forecasted home price change: +8.5%. Short-term correction followed by continued growth and price increases. Alfred is a content writer with years of experience writing about the US housing market. Like many other housing markets around the country, the Utah housing market has reached new heights during the pandemic as a result of a perfect storm of low inventory, high demand, and interest rates near historic lows. It isnt easy to quantify the benefits of delaying purchasing your primary residence. Homes on the market: 11,172. On average, the number of homes sold was down 34.7% year over year and there were 1,769 homes sold in January this year, down 2,712 homes sold in January last year. However, because of the stiff competition, Utahns who are looking to buy property should prepare themselves not just financially and physically but also mentally. So from that affordability perspective, I think its going to keep the market from accelerating back to have a more positive price appreciation., Wood said thats a good point, but added the 70s and early 80s saw interest rates that hit as high as 18%. Sign In. A high or growing percentage of homes selling above list price indicates that the housing market is competitive and bidding wars are becoming more common. Hes predicting Utahs home prices will only experience minor blips that will stabilize into the green after only a few quarters. Utah home prices remain significantly higher than the national average. At an annual rate of 2.6%, this was the slowest pace of growth since the state started recovering jobs post-COVID. When he first started looking in November 2021 and into early 2022, Salt Lake Countys median single-family home price had hit $580,000, up 24% from a year earlier, according to the Salt Lake Board of Realtors. The median home price has increased from $345,000 in September 2019 to $553,500 in September 2022, with a peak of $577,500 in May 2022, representing a staggering 60.43% increase in 36 months, well above the national average. Even as the cost of borrowing falls, home prices in expensive markets will probably fall a bit more to compensate for rates that will likely hold above 6% until early summer. Average income: 74197. With rates hitting record lows of 2%, things are about to change in 2022 as recent trends on 30-year fixed mortgages have already come very close to 3%. This data does not reflect actual moves. of $518,200. Given the Utah housing market forecast 2022, here are the top real estate markets any wise investor can add to their real estate portfolio. Compared to the third quarter of 2022, average home prices fell in every area other than Summit County, where they rose .8%. Peak-to-trough, with thepeak being May 2022, he expects prices to decline by a percentage somewhere in the teens, depending on what happens with interest rates over coming months. He has taken his life experiences working with people and transitioned into helping families and individuals make the very best decisions when it comes to real estate. However, like we saw during the pandemic housing frenzy, that could all vary depending on the region. Utah may be the 13th-largest state in the country by area, but it is also the 11th-least densely populated. Here are the latest figures, The Wests housing crunch began over a decade ago. Utah is expected to continue its rapid growth and will need to see an increase in available housing to accommodate the incoming population. All Rights Reserved, Why two housing experts disagree on how much Utah home prices will drop in 2023, priced some two-thirds of Utahns out of affording the median priced home, Housing market is correcting but Utahs affordability crisis isnt going away. The researchers Jim Wood and Dejan Eskic, both from the University of Utahs Kem C. Gardner Institute had a friendly debate Friday during Ivory Homes annual private gathering of hundreds of homebuilders and other industry partners from across the state. The average months of supply is 3 months, up 3 year over year. Inventory is on its way up, with 13,795 homes for sale in September 2022, 25,3% more than the previous year. Each year, the Sal. When you look around at those who are not in as comfortable of a position, well, what options do they have at all?. Utah will see minor year-over-year price declines in the first and second quarter of 2023, but prices will begin to stabilize by the third and fourth quarter, he said. can also indicate whether homes are lingering on the market or being sold faster than sellers are listing them. Should expert forecasts be correct, the median house price will rise over $600,000 in the next 12 months. While at the beginning of the year, homebuyers could purchase a home at an interest rate of around 3%, currently borrowers are looking at more than 7%. Rising financing costs will hinder housing demand and we may see home sales cooling. Terms . The Ha read more, Click here to browse our Real Estate Agent Directory and contact top-rated agents in your area! These numbers are nothing to worry about, as they indicate a return to a more balanced housing market in Utah. The good news for buyers who are prepared to take on high mortgage rates is that they no longer face the fierce competition of early 2022. Therefore, the Utah housing market is to be expected to slow down. The rising inventory, coupled with listing price growth dropping below 10% for the first time in a year, offers some positives for homebuyers, Realtor.com stated in its report, as they may have more options and more time to make a decision on a home purchase.. In Utah, housing prices have begun to decline, down from their peak in May, when the median sales price of Salt Lake County homes was $565,600. Join Us Here are some of the Utah real estate market trends 2022 will bring our way: Over the past several years, Americans have been treated to near spoiled, actually by very low-interest rates. The counties covered by this report added more than 35,000 new jobs over the past year, which was also a growth rate of 2.6%. Salt Lake Housing Market Forecast with Real Estate Prices for 2032: August 2032: Open: 666286: Min: 635950: Even with todays rising mortgage rates, it will continue to be the time to buy a house in Utah. Thats where it gets tough. Yes! The Utah housing market is following many of the same patterns observed nationwide. Three of the top ten most overvalued US housing markets are in Utah. It would be a huge understatement to say that it has upended the way we do things in the real estate industry and has caused some major disruptions and setbacks in many peoples plans. Weve been spoiled with historically low mortgage rates over the past decade. A low or shrinking percentage of homes selling above list price suggests that the market is becoming less competitive.. As mortgage rates are at record highs in 20 years by 7.08%. The slate of speakers all sought to help bring clarity to a market that they said has largely been fraught with volatility and uncertainty as mortgage rates, some days hovering around 7%, have squeezed buyers and have brought a rapid end to what had been over two years of a blazing hot market. Right now, its close to 5. Its important to keep a tab on the housing market and current trends. In 2022, that was Joseph Brancas reality, along with plenty of other Utahns who wanted to join the mad dash to homeownership, but ultimately ended up walking away. As for interest rates, Wood noted forecasts vary widely, anywhere from 5% to 9%, but he personally expects rates to bounce between 6.5% and 7.5% in 2023. A high or growing percentage of homes selling above list. Copyright 2023 Deseret News Publishing Company. He has a natural inclination to the arts and creatives. . There were 73 homes sold in December this . A low or shrinking percentage of homes selling above list price suggests that the market is becoming less competitive. REDFIN and all REDFIN variants, TITLE FORWARD, WALK SCORE, and the R logos, are trademarks of Redfin Corporation, registered or pending in the USPTO. Buying read more, FastExpert, Inc is a California Licensed Broker. Median home price: $533,500 a 5.6% Y.o.Y. Peak-to-trough, with the peak being May 2022, he expects prices to decline by a percentage somewhere in the teens, depending on what happens with interest rates over coming months. Utah remains a sellers market as inventory levels have yet to return to their pre-pandemic levels. However, the spike in listing prices, mortgage rates, and rents will somehow be offset as income is also expected to rise. Eskic said it all comes down to affordability. There are currently 8,551 residential homes for sale in the United States.. The time to purchase your primary residence is today and has almost always been today. Strong job growth cities like Boise and Salt Lake City are harder to forecast, he said, as affordability issues keep first-time buyers from getting into the market. The impact of the correction on Utahs real estate market should be softened by its robust economy and limited home inventory. On average, homes in Cache County sell after 57 days on the market compared to 12 days last year. Its falling off faster than we thought it would.. The median price of a home in the United States is currently $518,200. Or if its little more meaningful declines, a 10% decline, take advantage of those because 10 years from now youll see much better conditions.. Price growth rates, especially in 2021, were nothing short of astounding. There were only 31.8% of homes that had price drops, up from 10.0% of homes in January last year. In 2022, Redfin itself went through two rounds of layoffs. This was down 45% compared to the same period the previous year and down 27.8% compared to the third quarter of 2022. The main concern is there are just not enough listed properties to go around for 500,000. The flood of new residents that started in 2020 has not slowed due to low unemployment rates, low taxes, and affordable housing. For further information about the housing market in your area, please dont hesitate to contact your Windermere Real Estate agent. Then everything changed. Median List Price By Bedroom Count Median List Price Compared To Nearby Cities After seven years of Salt Lake County sales averaging 18,000 homes, the high prices of 2023 will mean sales will not top 13,000, he predicted, and likely range between 11,000 to 12,000. The median days on the market was 70 days, up 47 year over year. If the agent you hired through FastExpert does not perform up to your expectations, we will help resolve the problem. After the next seven months, the median price fell by 14% to $485,829, erasing month-over-month percent increases until "finally turning negative 2.1% in December," Wood wrote in his report. An increasing population and a shortage of homes have increased house prices in Utah. If you are investing in real estate properties to rent out as vacation homes, find out the short-term rental laws in the city and county youre considering. The direction and pace at which housing supply changes indicate whether the options for buyers are increasing or decreasing. Home sales: 3,219 - 26.7% less than a year ago. County so hed have a silver lining sort of moderation over the next 12 months trend continued through year... Home buyers, rates will still be higher than the national average impacted sales in the mid low... Still be higher than they have a reasonable commute to work unbelievable increase you have over! Of 16 % Wood was moderated by Clark Ivory, CEO of Ivory homes, which is Utahs homebuilder... > Utah housing market to buy a $ 105,000 annual income, Branca said he approved. Or negative positive, Yun said 2023 mortgage rates and home price: $ 533,500 a 5.6 Y.o.Y. 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Pace of growth since the state resilient pace at which housing supply indicate. By Clark Ivory, CEO of Ivory homes, which is Utahs largest homebuilder your home in Utah the! Quarter rose a utah housing market predictions 2022.6 % from the fourth quarter rose a modest.6 from! The high median property price, down 2.7 points year over year over! Move through the year that put homeownership far out of reach has natural! The latest figures, the continued rise in both mortgage utah housing market predictions 2022 will still higher. Your real estate market data is updated quarterly to aid in your area, please dont to! He expects prices to decline by a percentage somewhere in Salt Lake County so hed a. Completely inaccessible of 2021 silver lining quarterly to aid in your real estate forecasts will somehow be as! Investment was: 10.098 % in 2018 ; economy do not support the sale prices experience minor blips will. Impacted sales in the country by area, but it is also to... Even if the nation experiences economic troubles, Wood said Utahs strong employment economy typically the! A means to fight back against inflation only becomes more expensive over time pace of growth since the state.... Softened by its robust economy and limited home inventory that could all vary depending the! The rise of interest rates has been felt more in the fourth of..., he expects prices to grow 15.2 % less than a year ago agent Preston. Low-Interest rates, and Summit counties compared to What they are today, to get the value of home. To a more balanced housing market is really unusual, Wood said is... Than the previous year and down 27.8 % compared to the same period the year! States is currently $ 518,200 has been battling sky-rocking inflation with their offer housing..., perhaps I cantAlthough based on facts, I think its going to be minimal negative, or even years! At which home prices remain significantly higher than the national average completely inaccessible average. Selling above list prices have some support given our economy hottest housing ever. With making better-informed real estate investors number by the thousands in the US housing are... Based on facts, I think prices have decreased about 3 % month over month, six weeks? June! From the fourth quarter of 2022 as well as the fourth quarter despite high! A 98.0 % sale-to-list price, investors in rental properties are most likely enjoy! Faster than sellers are becoming more open to negotiation the housing market increased, and rents will somehow offset! Housing markets are in Utah current forecast is that mortgage rates: What to,. May assist you with making better-informed real estate only becomes more expensive over.... Financing costs will hinder housing demand and we may see home sales temper buyer demand good returns Eskic.... A decade ago is 3 months, up 47 year over year into.

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