Spring home buying season ushers in resilient home sales in march
Sandy—Salt Lake home sales experienced a slight dip in March compared to the previous year, but showcased an impressive rebound from February. The month recorded 1,063 closings, reflecting a 19.4 percent decline from the 1,319 sales in March 2022, yet marking a significant 40 percent increase from the 758 sales witnessed in February.
Rob Ockey, President of the Salt Lake Board of Realtors®, noted, “While home sales are gradually regaining momentum, they remain highly susceptible to fluctuations in mortgage rates. The spring buying season has seen a surge in multiple offers on homes, indicating a need for additional supply to meet the demand.”
In March, the median price for all housing types fell to $516,895, a 3.4 percent decrease from the previous year, but a 4.5 percent uptick from the $494,500 in February. Single-family homes registered a median price of $575,495, down 7.9 percent from $624,950 in March 2022. However, these homes saw a 2.8 percent price increase from February’s $560,000 median. Meanwhile, multi-family homes (condominiums, townhomes, twin homes) settled at $420,000, a 7.5 percent drop from the previous year but a 1 percent increase from February’s $416,000. The month-to-month rise in housing prices could signal that price declines may soon reach a turning point.
Properties in March typically remained on the market for 29 days, a reduction from the 44 days in February, but a considerable increase from the mere five days in March 2022.
About the Salt Lake Board of Realtors®
The Salt Lake Board of Realtors® is the Wasatch Front’s voice of real estate and the No. 1 source for housing market information. The Salt Lake Board of Realtors® is the largest shareholder of UtahRealEstate.com, one of the leading Multiple Listing Services (MLS) in the United States. Since 1917, the Salt Lake Board of Realtors® has been a leader in promoting homeownership and protecting private property rights. The Salt Lake Board of Realtors® empowers its members to better serve the public by providing continuing education, advocacy, and a professional code of ethics.
