SALT LAKE CITY- Some good news if you’re looking for a new home. More home listings have been out for sale.
Listings of homes for sale rose 23% in April and the total inventory for the state is also up 7%. Buyers have more selection which led to an increase of 9% in the number of closed sales.
“Which is all great news cause that means the buyers that are out there looking for houses are going to have more choices to choose from.” Deanna Devey with the Utah Association of Realtors said.
However, Devey said affordability is still the top concern of buyers.
Home listings for sale in Utah are increasing but interest rates are still high, Devey explained.
The median price of a home was $500,000 in April which is 4.2% higher than April of last year. But there is still a high demand for homes.
Some lenders are offering low-cost or free refinancing which some buyers hope to use. Devey says more homes are being built and interest rates are coming down but not as quickly as economists predicted.
