Market of the Moment - 8/5/2022

[Alan Walker]

We've seen a leveling off this week. Active homes dropped slightly, days on market are all double digit. Fewer price reductions and more expired listings.

Hard to say if we have reached "the new normal" yet.

Median sales price in Salt Lake County for the month of July is 600,000 per the MLS. Down 50,000 from two months before. That is less than 10%, correction territory. So far the trend is going down for median sales price, which is a relief to most.

We'll have to see what August's median sales price is to see if we are continuing down or if we are indeed leveling off to a new normal.

I'm not sure if it was RBG or Madonna that said, "You've got to let your body go with the flow". That's all we can do right now. Vogue.