Welcome to our Utah Real Estate market update where we go over real estate numbers for July 2024!
In this update, we are taking a closer look at numbers from July of 2023 in comparison to July of 2024.
Is the Real Estate Market heating up, even though the Summer heat is coming to an end? Let’s dive into it. New listings from July of 2023 to July of 2024 we saw an increase by approximately 10.7%, yet there has been a noticeable drop in pending sales from 3,385 in July of 2023 to 3,265 in July of 2024 which is about a 3.5% decrease. Here is why the market is “weird”, although we saw a decrease in pending sales, we actually saw an increase of 6.8% in closed sales for July of 2024 compared to last year. One thing to think about is July is actually a”slow” month for Real Estate, everyone is trying to squeeze every ounce of summer out before sending the kids back to school! Days on market have seen a minimal increase of just 4.4% which is two days longer from last year in Utah. Median sales prices have risen by 3.8% since last July which may not sound like a lot but, when we are talking in the hundreds of thousands of dollars it can make a huge difference! The average home price saw an increase 7.8% while the percentage of list price received has increased slightly by 0.1% from 97.2% in July of last year to 97.3% in July of this year. Additionally, there has been an uptick in the inventory of homes for sale, rising from 10,941 in July of 2023 to 12,867 in July of 2024 that’s a whopping increase of 17.6%! With Summer starting to wind down, this list of data suggests that it is a great market for buyers. Watch the video on YouTube or listen to the podcast! If you have any Real Estate needs please reach out to us!
July 2024 | Housing Supply Overview
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