Home prices are down... BUT...
Home prices have come down 9.6% since June 2022, BUT... what most people, including other real estate agents I work with aren't realizing, is that our market is still higher than it was last year at this exact time. The last stat I looked at showed we are still 6% higher than we were last year at this same time. Later I'll post more information from the Utah Association of Real Estate to show you.
If you look at the market data closely, you'll see that our prices spiked really high last spring. Because of that high spike in the market, it gets confusing and frustrating pricing property. Normally, we go back several months in comparing other homes to the homes we are selling. Because the prices in the spring were so high, it feels like doom and gloom for the poor sellers right now. But really, these sellers are doing incredible compared to last year at this time.
Most people have wondered how long the housing bubble would last. All the time I'd have people asking me how long these high prices could sustain. I think we all expected some sort of a normalization of prices at some point. Normal isn't the right word though. Nothing in the past several years has been normal!
What does the future hold for prices? In my very best guess, I believe we will continue to see prices go down. I'd assume this will happen for 2-3 years. Of course, I don't have a crystal ball. If you were asking me if you should invest, or sell now, I'd ask you all sorts of questions, so we could determine what risks or benefits you'd have, so you could make the best decision for yourself.