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Salt Lake home sales rebound following dismal month

Sale sign outside Denver home
Posted at 10:14 AM, Apr 27, 2023

SALT LAKE CITY — Home sales in the Salt Lake area picked up dramatically last month following a dismal February in which less than 760 homes were sold.

In a new report Thursday from the Salt Lake Board of Realtors, closings in March 2023 (1,063) were up 40% over the prior month, although they were down nearly 20 percent from March 2022.

Sale prices of all housing types increased month-to-month as well, with the median price in March hitting $516,895, a 4.5% jump from $494,500 in February. Single-family home prices jumped 2.8 percent from February to March.

Last month, homes stayed on the market 15 less days than they did in February, but at 29 days, it was still a far cry from when properties lasted an average of just five days in March 2022.

The group believes the month-to-month rise in housing prices could signal a "turning point" in home sales.

"The spring buying season has seen a surge in multiple offers on homes, indicating a need for additional supply to meet the demand," said Rob Ockey, president of the Salt Lake Board of Realtors.