In wake of 2020 ‘feeding frenzy,’ Utah home sales slow in what may be the ‘calm before a potential storm’

Source: KSL— 

The latest housing data shows the median-priced home in Utah’s most populated county increased to $550,000 in the third quarter of 2021.

That’s a new high — and a 28% jump from the median price of $430,000 in the same time period from 2020. That means Salt Lake County home buyers paid an average of $120,000 more than they did a year ago, according to the Salt Lake Board of Realtors.

But the number of home sales has plummeted by double-digit percentages. In the third quarter of 2021, there were 11,033 homes of all housing types sold across the Wasatch Front — 18% less than the 13,374 homes sold in the third quarter of 2020, according to the Salt Lake Board of Realtors.

That indicates Utah’s market has “stabilized,” from the “big feeding frenzy” of 2020, said Matt Ulrich, president of the Salt Lake Board of Realtors.