Salt Lake City home sellers dropped their asking price in July
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About 56% of Salt Lake City home sellers dropped their asking price in July, according to a recent Redfin report.
- In May, 46% of Salt Lake City homeowners slashed their home prices.
The big picture: Utah's capital city ranked third out of 97 of the country's most populous metros for the largest share of home sellers lowering their asking price.
- Boise, Idaho, had the highest share with nearly 70% of homeowners decreasing their home's cost, while Denver ranked second.
Between the lines: Amid the pandemic, Salt Lake City's housing market saw one of the highest home price increases in the nation, in part, due to outsized housing demand and droves of new residents moving to the state.
Flashback: Nearly a quarter of home sellers lowered their home's price in July of last year, per Redfin.
What they're saying: "My advice to sellers is to price their home correctly from the start, accept that the market has slowed and understand that it may take longer than 30 days to sell," Boise Redfin agent Shauna Pendleton said in the report.