Our sluggish housing market
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Homes in the Salt Lake metro area spent a median of 52 days on the market before going under contract in December, data shows.
Why it matters: Earlier this year, U.S. houses were selling at the slowest pace since March 2020, Redfin reported.
The big picture: "Homes are taking a long time to sell largely because housing costs are so expensive — but for buyers who can afford it, there are a fair amount of homes to choose from," Redfin's Dana Anderson wrote in the report.
Reality check: Sales are still moving fast in relatively affordable parts of the country where competition is hot, Zillow senior economist Orphe Divounguy told Axios.
What's next: As inventory continues to climb nationally, house hunters could gain negotiating power.