We’re in the Dog Days of Summer, the 40 hottest days of the year
But it’s not a canine thing, let’s make that perfectly clear
The ancient cultures of our world observed the Dog Star in the sky
Rose and set with our sun, on the 23rd of July
The 20 days before and after, are the Dog Days of Summer
From July 3rd until August 11th, when the heat can be a bummer
The Dog Star is Sirius, the brightest star in the heavens
If anyone asks how you know this, tell them you heard it from Kevin
So now that we cleared that up, let’s take a look at the 2nd quarter results for the residential real estate market in Salt Lake County.
2nd Quarter Median Price Change in Salt Lake County:
The median price of a single family home in Salt Lake County increased from $595,000 in the 2nd quarter of 2023, to $625,000 in the 2nd quarter of 2024, a 5.0% increase. We are still 1.9% below the peak median price of $637,000, set back at the end of the 2nd quarter 2022.
The total number of homes listed for sale in the previous twelve months leading up to June 30, 2024, decreased by 3.9%, compared to the previous twelve months leading up to June 30, 2023. The total number of homes sold, decreased by 3.3%
If you look back at last year’s numbers, of the twelve months leading up to June 30, 2023 compared the twelve months leading up to June 30, 2022, there was a 22.8% decrease in the number of homes listed for sale, and a 30.1% decrease in the number of homes sold. So the single family home inventory situation continues to be restrained due to the lock-in effect from a decade of low interest rates.
The median price of a condo/townhome in Salt Lake County increased from $418,000 in the 2nd quarter of 2023 to $430,000 in the 2nd quarter of 2024, a 2.9% increase. We are still 4.4% below the peak median price of $450,000, set back at the end of the 2nd quarter 2022.
The total number of condo/townhomes listed for sale in the previous twelve months leading up to June 30, 2024, increased by 11.6%, compared to the previous twelve months leading up to June 30, 2023. The total number of condo/townhomes sold, increased by 13.3%.
I’m guessing that we’re seeing more condos listed for sale and selling as a result of condo owners moving up to single family homes, and more condo buyers as a result of the more affordable price point of condos compared to single family homes. That’s a good sign.
Interest Rates & Inflation:
The Consumer Price Index (CPI) hit 3% a year ago, in June 2023, and it seemed like we were on our way to lower interest rates. Since then CPI has been sticky, and has remained in the 3.0% to 3.7% range. The Federal Reserve has a CPI target of 2.0%. So the Federal Reserve has not lowered the Federal Funds rate yet this year, and the 30-year mortgage rate has remained in the mid to high 6% range.
Let’s hope that inflation and interest rates fall later this year.
If you or someone you know has any questions about buying or selling real estate in the Salt Lake metro area, if you’re wondering what your home is worth, or if you need a contractor referral, I’d love to hear from you!
Thank you for your repeat business and your referrals, and have a great summer!!! 🙂
Kev
