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Homes Soar, But Sellers Stay Put | Salt Lake City News
Home prices hit record highs—$446,000 median, up nearly 50% in six years—but surprisingly, few homeowners are selling. With only 1.56 million homes on the market (a 4.6-month supply), sales dipped slightly from May but are up from last year. Buyers and sellers are both stuck: sellers locked in on low mortgage rates from years past, and buyers grappling with inflation and economic uncertainty. Price growth has slowed to just 1.8% year-over-year, a healthier trend that’s helping wages catch up and making equity building more sustainable. Despite monthly dips, year-over-year gains and stronger…
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