Utah Housing Market Update | October 3, 2022

Monday Market Update | October 3, 2022

Let’s take a look back at the housing numbers for September 2022.
-Interest rates did rise from 5.6% at the beginning of the month to 6.8% at the end of the month. This rise is one of the steepest 30 day climbs we have seen in over 10 years.

-Inventory increased to 10,178 homes at the end of the month which is a high for 2022 and more than double that of last September 2021 where there were 4200 homes by month’s end.

-The median sales price dipped down to $491k compared to August but is increased compared to September 2021. The highest median sales price we saw this year was $540,000 in May.

-Homes sat on the market about 31 days before going under contract which was an increase compared to the 22 days in August of this year and more than triple the 9 days we saw last September.

If you are looking to buy or sell in this current market, you need someone who knows how to structure deals or how to prepare and market your property to ensure you get everything you deserve and don’t leave anything on the table.

If you ever need someone to help you with the home buying or selling process, the Miya Real Estate Group would love to help. Please reach out or visit us at themiyas.com.

#livinginutah #movingtoutah #utahrealtor #utahrealestateagent #utahhomes #utahhousingmarket
McKenzie Miya or Matt Miya
📲 Call/Text Direct at 435-740-0847 (McKenzie) or 801-628-0306 (Matt)
📲 Email: kenziemiya@gmail.com or matthewmiya@gmail.com
👨‍💻 Website: www.themiyas.com

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