Utah October Housing Market Recap

October 2023 Utah Housing Market

In October, Salt Lake County saw a 6% surge in home sales compared to the previous year, despite significantly higher mortgage rates. This increase encompassed various property types like single-family homes, condominiums, townhomes, and twin homes. However, when contrasted with the average October sales over the past five years, there was a steep 39% drop. Prices experienced only a slight 1% decrease, with the median price for all housing types resting at $515,600. Single-family homes specifically saw a 3% increase, reaching $599,000, up from $580,000 in October 2022. One factor contributing to the robust house prices is the reluctance of homeowners to sell and lose their low-interest rate mortgages. Properties in Salt Lake County typically spent 29 days on the market in October, down from 32 days the previous year. Prospective buyers grappled with exceedingly tough affordability conditions, shaped by factors such as limited inventory and heightened mortgage rates, marking the most challenging conditions in almost forty years.