Even with prices plunging, sales are down sharply across the Wasatch Front because interest rates keep ticking up.
Rising interest rates have scared away many Wasatch Front shoppers, especially first-time prospective buyers.| Nov. 5, 2022, 2:10 p.m.
“There may be decreases in the asking price, but you’re increasing the mortgage payment. So you’re adding to the inflationary pressure. You’re not decreasing housing costs,” said Dejan Eskic, chief economist for the Salt Lake Board of Realtors and a senior researcher at the University of Utah’s“Housing is the sacrificial lamb of the Fed right now,” said Eskic, noting that average payments have grown by 55% in a year.
Galloping prices in Salt Lake County since April 2020 appear to have peaked in the second quarter of this year, at $637,000, and have since nudged down 7% in just three months, to $590,000 — but that is still above where it was in fall 2021. All of that has helped some buyers drive better bargains, according to Eskic, including write-downs on interest points, home repairs, bargains on home warranties and other concessions from sellers.
First-time buyers are trending older, Lautz said, because they’re having to save longer for a down payment or relying on financial help from older generations to boost them into homeownership.
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