Rising mortgage rates have affected home sales

Rising mortgage rates have affected home sales and prices in Salt Lake County. Despite this, limited housing inventory has caused prices to rise again. In December 2022, home prices hit a low of $480,000 due to the aggressive short-term rate increases by the Federal Reserve. By June of this year, the median home price rose to $519,000, an 8% increase from December. Single-family home prices also hit a low in January 2023 at $535,700, but by June, they climbed to $600,000 – a 12% increase. The higher interest rates have led to a decline in home sales, with only 1,072 housing units sold in June, a 26% decrease compared to June 2022. Since the Federal Reserve started raising rates, home sales have been decreasing by approximately 400 units per month.  Find out what your home is worth!