The Utah real estate market continued seeing highs and lows. Here’s your monthly update on what’s happening.
Data from Utah MLS from June 1, 2021 to June 30, 2021.
The median home price in Utah hit $500K for the first time in June, only three months after it passed $400K. The median home price in June was $151K higher than June 2020, an increase of 43%. The median home price rose by $25K from May, a 5% monthly increase. Prices have risen rapidly, even compared to the past few years.
Days on Market (DOM)
Utah homes still sold in less than a week on average in June. The average DOM was down by 67% from last year, with homes selling 12 days faster than they did a year before. The average DOM stayed steady from May, with no change. The figure was up by one day from the all-time low in April. With supply still limited and demand at a fever pitch, Utah homes sold quickly last month.
Inventory continued its gradual rise from March, a good sign for prospective homebuyers. There were 3,688 fewer homes on the market than in the previous year, a 54% year-over-year decrease. June saw 492 more homes on the market than May, an 18% increase. With more homes coming up for sale, the market should become less competitive for buyers hoping to get an offer accepted on the home they want.
Monthly home sales were down by 7% from the previous year, with 352 fewer homes sold. However, home sales rose by 15% from May, with 710 more homes sold. Home sales have been rising since January, following Utah’s normal seasonal real estate sales trend. The most likely explanation for the slight dip in sales year-over-year is the restricted supply of available housing. When fewer houses get listed for sale, naturally, fewer houses will sell.
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