SALT LAKE CITY — The housing market in Salt Lake County slowed down slightly in April, with home sales decreasing due to higher mortgage rates.
New data released Wednesday from the Salt Lake Board of Relators shows only 908 homes sold in April, which is down 32.4% when compared to April 2022. In March 2023, 1,063 closings were recorded.
Salt prices for some residences decreased in April, with the median price for all housing types in Salt Lake County dropping to $495,000.
Meanwhile, the median price for a single-family home dropped 8.9% when compared to April 2022, but rose compared to March 2023 at $577,000.
The Salt Lake County Board of Realtors said pressure is being put on prices due to the limited supply of houses and "the impact of higher mortgage rates on homebuyers."
"Increased mortgage interest rates have resulted in a considerable rise in monthly payments, posing affordability challenges for potential buyers," said Rob Ockey, President of the Salt Lake Board of Realtors. "Additionally, homeowners are reluctant to sell their properties and lose their current low-interest rates."
