Sandy—Higher mortgage interest rates are slowing home sales. Home sales of all housing types fell to 1,344 transactions in June in Salt Lake County, the lowest number of home sales in Utah for a June month in a decade and 27 percent lower than sales in June 2021.

June was the 13th consecutive month of falling sales year over year. In a typical June month, there are 1,741 closings, according to the 10-year average.

“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,” says Steve Perry, president of the Salt Lake Board of Realtors®. “In Salt Lake County, there were 400 fewer home sales this June than in a typical June month. Nationally, 60,000 housing deals were canceled by buyers because of higher borrowing costs, according to Bloomberg News.”

Home sales were also down in counties across the Wasatch Front. Utah County was down 19 percent, Davis County saw its sales fall 9 percent. Tooele County was down 13 percent. Weber County was down 15 percent.

Total dollar volume of homes sold in June in Salt Lake County fell to $852.6 million, down 15 percent from $1.0 billion in June 2021. Under contract listings decreased 21 percent to 1,952 from a year earlier.

The median sales price for all housing types sold in June in Salt Lake County increased to $545,000, up 16 percent from a median price of $470,000 in June 2021. The median single-family home price increased to $628,000, up 14 percent from $550,000 a year ago.

New listings in Salt Lake County increased to 2,149, up 9 percent from 1,965 in June 2021.

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.

About UtahRealEstate.com

UtahRealEstate.com is where real estate listings originate, and it is the official property information platform for real estate professionals in the state of Utah. We proudly serve approximately 96 percent of all Realtors® in the state of Utah, according to T3 Sixty 2021 Real Estate Almanac. UtahRealEstate.com operates one of the largest Multiple Listing Services (MLS) in the United States.