Salt Lake homebuyers make more money than they did before the pandemic.
Yes, but: It's still not enough to cover the rise in home prices.
With pending home sales dropping year over year, Salt Lake City's real estate market is showing early signs of slowing down. But, home prices are still up about 23% from May 2021.
Utah leaders revealed the developer partner Tuesday for The Point, the 600 acres of state-owned land in Draper where the Utah State Prison has sat since the 1950s.
- The Point of the Mountain State Land Authority chose the development group Lincoln-Colmena-Wadsworth to lead the first phase of the project's development.
More than twice as many home sellers in Salt Lake City dropped their asking prices in May 2022 compared to last year, according to an analysis by Redfin released in late June.
Details: Housing experts say it's largely due to the rise in interest rates.
Home prices have risen sharply here, but one house tops them all.
By the numbers: At $48 million, this 17,495-square-footer in Utah County's Hobble Creek Canyon is the most expensive house in the state.
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