Utah home values remain high as inventory increases, markets cool across the US
A recent study from real estate agency Redfin listed the 10 American housing markets that are currently experiencing the most rapid “cooling.” Despite all the cities being located in the west, the list did not include any areas from Utah.“We are coming back down to our normal pace,” said Dejan Eskic, a senior research fellow at the University of Utah’s Kem C. Gardner Policy Institute.
“Now is a good time and opportunity for buyers where they can actually look at a house, think about it, process it and make a good, honest and wise decision about it,” said Scott Robbins, a broker with Summit Sotheby's International Realty.June 2020 saw a modest 6% increase in median Utah home values compared to June 2019. However, June 2021 marked a whopping 30% year-over-year increase.
“If you could only afford $600,000, now you can probably afford $500,000,” Robbins said. “They still need housing. They still want to get out of their parents’ basements.”
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