A look at our Utah Housing Market Stats, the effects that supply has on the market as well as our interest rates.
Home prices have risen by 65.54% in the past 5 years. This constant growth is expected to reduce gradually. Thus leveling out the housing market and making it a bit more favorable for Buyers.
As mortgage interest rates continue to increase, homebuyers do delay their purchase due to lack of inventory we have experience here in Utah and afforabilty. At the end of 2021 and begining of 2022 we had a month supply of homes, currently we have increased to a 3 month supply.
Definition of Months of Supply: The months’ supply indicates how long the current new for-sale inventory would last given the current sales rate if no additional new houses were built.
How and does housing supply affect prices?
Yes, like those of stocks and bonds, depend heavily on the law of supply and demand. More demand, prices tend to rise; more supply, they tend to fall.
Four to five months of supply is average for a housing market.
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See how our home prices are rebouding
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