Utah Housing Update - Episode 108 - November 18th, 2024

Here's where things are in the Utah housing market as of 11/18/2024:

Current Inventory = 10,998: trending down
Prior Week Average DOM = 58: trending up
Ave List$ = $622,554: trend unclear (seasonally we expect down)
Prior Week List$ vs Sold$ = -$12,087: volatility trending in seller’s favor
Prior Week Homes Sold = 442: trending down
Currently Under Contract = 4,717: trending down
Prior Week Price Reductions = 1,029: trend unclear (seasonally up)
Prior Week Listings Cx/Ex/Withdrawn = 394: trending up
Interest Rates (30yr Fixed Conventional) = 7.05%: trend level

Inventory is definitely trending down, homes are staying on the market longer, list prices for the last two weeks have been sharply down from where they were hanging around, and hopefully that turns into a trend. Demand is trending down as we expect seasonally, whether we measure it in terms of how many homes are selling each week or in terms of how many homes are under contract right now.

Interest rates are still hovering around 7% - they went down, they came back up, a lot of folks were confused and annoyed about it and I took a little too long explaining it in a couple of videos in the last month or two. The short of the story with interest rates is: our economy and our jobs market is in a relatively volatile moment and that’s what has our interest rates hovering - it’s not about the presidential election that just happened, it’s about where we’ve been over the last like 6-8 years. We still anticipate rates coming down eventually, and we don’t really expect them to go higher.

Remember that I track interest rates from the following website:

https://www.mortgagenewsdaily.com/

If you have any questions about the information in this video or if you're interested in buying or selling a home in Utah in the coming months, please feel free to reach out to me. You know that I know this market like the back of my hand, and I'd love to be on your team and make sure you always know what’s happening next and what to do. Let’s have a conversation!

I'd love to hear from you,

Christopher

801.834.9713
[email protected]

Тэги:

#real_estate_update #utah_real_estate #utah_housing #utah_housing_market #interest_rates #interest_rates_2024 #housing_predictions #housing_market_crash

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