Sandy—The housing market in Salt Lake County experienced a slowdown in April, primarily due to the rising mortgage interest rates. Home sales declined significantly, with only 908 closings recorded, reflecting a 32.4 percent decrease compared to the 1,343 sales in April 2022.

Rob Ockey, President of the Salt Lake Board of Realtors®, emphasized the impact of higher mortgage rates on homebuyers, stating, “Increased mortgage interest rates have resulted in a considerable rise in monthly payments, posing affordability challenges for potential buyers. Additionally, homeowners are reluctant to sell their properties and lose their current low interest rates.”

In April, the median price for all housing types in Salt Lake County dropped to $495,000, marking a 10.8 percent decrease compared to the previous year. The median price for single-family homes was $577,000, down 8.9 percent from $633,000 in April 2022. Similarly, multi-family homes (including condominiums, townhomes, and twin homes) settled at $423,750, experiencing a 5.8 percent decline from the previous year.

However, the limited supply of houses is exerting upward pressure on prices. The price of a single-family home increased to $577,000 in April, representing an almost 8 percent rise from $535,750 in January. The days on the market for single-family homes decreased from 53 days in January to 19 days in April.

On average, all housing types remained on the market for 23 days in April, showing a significant increase compared to the five days in April 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.