Salt Lake has been experiencing massive appreciation of homes over the last 24-36 months. Depending on the neighborhood, upwards of 20% appreciation. The inventory of available homes is rising, bring us back to a more balanced approach where buyers buying and sellers selling are on more equal footing. Part of this shift is seasonal as home sales usually peak in August every year.

Looking at this time last year, Active listings have risen 7.46% and Under Contract listings have dropped by 6.78%. This means we are starting to see more houses on the market longer before going under contract and more price drops based on more houses being available. Demand is still strong for housing, so we are unlikely to see a major correction in the near future.

The takeaway is, if you are thinking about buying, take advantage of the lull in the market to get into a home before interest rates eat up your purchasing power.