10/09/2022
The rise in mortgage interest rates is continuing to slow home sales, leading to thousands of more listings and choices for buyers. Closings of all housing types in July fell to 920 units, down 43% from 1,615 sales in July 2021 in Salt Lake County. July’s sales were the slowest for a July month in 11 years. Days on market increased to 22 days in July, up from 14 days in July 2021. The median sales price in the county increased to $525,000, up 11% from $475,000 a year earlier. Statewide, there are more than 9,600 active listings on UtahRealEstate.com, up 133% from a year ago. Active listings statewide represent a 4.2-month supply of inventory based on sales over the past six months. A five- to six-month supply of housing inventory is considered a normal market.