Salt Lake County home sales drop to numbers not seen in nearly a decade
Sandy, Utah — Home sales in Salt Lake County this past June were 27% lower from the same time frame in June 2021, according to a report from the Salt Lake Board of Realtors.
The county’s 1,344 transactions were the lowest number for a June in a decade.
In all, year over year home sales has fallen for 13 consecutive months.
Other counties across the Wasatch Front faced similar drops to those of Salt Lake County:
• Utah County: -19%
• Weber County: -15%
• Tooele County: -13%
• Davis County: -9%
According to realtors, rising interest rates to stem a possible recession are the reason for the drop in sales.
“Unfortunately, the Federal Reserve’s effort to curb inflation is having a negative impact on home buyers, who are backing out of deals or don’t qualify for financing because of higher interest rates,” said Steve Perry, president of the Salt Lake Board of Realtors.
The price of sales prices of homes in Salt Lake County rose in year-to-year data, while sales are down.
The average price of a home for sale in June was $545,000, up from $470,000 in June 2021.