Utah Housing Market Analysis - August 2024
The Utah housing market in August 2024 is showing us a mixed picture with most key indicators showing both positive and negative trends. The Median Sales Price for homes in Utah stands at $549,800, reflecting a slight decrease of 1.4% year-over-year (YoY). Similarly, the Median List Price is $580,900, down by 0.5% YoY. These figures suggest a modest cooling in the market compared to the previous year.
On a per-square-foot basis, the Median Sales Price is $259, which is up by 1.2% YoY. The Median List Price per square foot is $267, showing a 2.4% increase YoY. These increases indicate that while overall prices have slightly decreased, the value per square foot has appreciated, suggesting a demand for more compact, possibly more affordable housing options.
The number of Homes Sold in August 2024 is 3,352, marking a 2.9% decline YoY. However, Pending Sales have risen to 4,099, up by 4.1% YoY, indicating a potential uptick in future sales. New Listings have decreased by 4.4% YoY to 4,478, while inventory has surged by 10.7% YoY to 11,677 homes. This increase in inventory, coupled with a 40% rise in Months of Supply to 3.5 months, suggests that the market is becoming more favorable for buyers.
The Median Days on Market for homes in Utah is now 44 days, up by 7.0% YoY. This increase indicates that homes are taking longer to sell compared to the previous year. The average sale-to-list ratio is 98.8%, showing a slight decrease of 0.2% YoY, while the percentage of Homes Sold above list price has dropped by 3.5% YoY to 21.9%. These metrics suggest that sellers may need to adjust their expectations as the market cools.
Price Drops have become more common, with 35.8% of listings experiencing a price reduction, up by 1.1% YoY. Additionally, the percentage of homes going off the market within two weeks has decreased by 4.4% YoY to 27.9%, indicating a slower pace of transactions.
In summary, the Utah housing market in August 2024 shows signs of cooling, with slight declines in median sales and list prices, longer days on market, and an increase in inventory. However, the rise in Pending Sales and the value per square foot suggests that demand remains robust, particularly for more affordable housing options. Buyers may find more opportunities as the market shifts, while sellers may need to adjust their strategies to align with the current conditions.
