HOME PRICES DOWN How Much? Prices Today vs the Peak of the Utah Housing Market #utahrealestate

NEW REPORT: May 31, 2023. Utah Housing DATA shows Utah HOME PRICES DOWN How Much?! Home Values Today vs. the Peak of the Utah Housing Market. How does April 2023 compare to the peak of the Utah housing market in May 2022? A lot of people like to compare what’s happening today vs. the peak of the market. It’s fun to see extreme numbers, but it’s a poor way to judge what the market is doing. Let’s take a look at the peak of the market in May of 2022 when over 4,000 homes sold. 1,100 fewer homes sold in April 2023 vs. the peak. In May of 2022, a home sold in 6 days. It takes 23 days longer to sell a home today. The median price per sq.ft. at the peak was $244. We are down $24/sq.ft. from 11 months ago. In May 2022 the Median Sold price for a single-family home nearly hit $600,000 compared to $537,000 today. The median sold price is about $63,000 below where it was when the market peaked. At one point home prices were down by more than $100,000. Home prices are up for 3 months in a row now.

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