Salt Lake's housing market is cooling down
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Salt Lake City's housing market is cooling down faster than the national average, according to an analysis by Redfin.
Why it matters: With fewer buyers competing, homebuyers might find it easier to avoid paying more than the asking price.
By the numbers: Between April 2023 and April 2024, Salt Lake metro saw a 5% decrease in the share of homes sold within two weeks, compared to about a 3% drop nationally.
- Meanwhile, housing inventory increased 17% year-over-year.
The big picture: Supply issues continue to put pressure on home prices across the U.S., despite mortgage rates dampening demand.
Zoom out: This is particularly true in parts of California and in the Northeast. Homes are selling quickly, and for over asking, per Redfin data.
- In the South, however, supply is picking up and markets are cooling down.
Zoom in: Florida and Texas may be hotter than ever, but their housing markets are cooling quicker than most other regions, according to Redfin.
- New home construction, unaffordable home insurance and intense natural disaster threats contribute to increased supply and lower demand.
- Homes aren't moving off the market as quickly, and a growing share of sellers are bringing their asking prices down — all signs these markets are cooling down.
Yes, but: Those two states were the poster children for the pandemic price boom, so home prices are much higher than five years ago.
What's next: Some relief could be coming for buyers on the mortgage rate front.