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Utah home prices continue to plunge as interest rates rise

Posted at 5:42 PM, Apr 19, 2023

SALT LAKE CITY — Higher interest rates are continuing to push home prices even lower.

Real estate services company Redfin says home prices in March declined the most in eleven years.

The median U.S. home price dropped more than three percent, to $400,258, while prices in Salt Lake City dropped 8.5% to $540,000.

Other locations around Utah saw falling prices, with Provo plunging to $405,00, a fall of almost 16 percent. Ogden was down 7.7% percent to $368,000.

And at $474,000, St. George home prices also fell, sinking 16.1 percent.

Redfin added that new listings also declined more than 23% last month.