What do 2019’s second-quarter statistics say about the Wasatch Front market?
Home sales are up 4% compared to last year, with over 13,000 single-family homes, townhomes, and condos being sold. Year to date, sales are down 2.5% with nearly 24,000 total homes being sold. The good news is, the average sale price for all home types has risen to $375,000. Last year during this time, it was $355,000. If you’re a homeowner looking to capitalize on your equity, you’re in fantastic shape.
Year over year, the average days on market increased by 20% from 40 days to 49 days. Meanwhile, inventory for all housing types is at 4.7 months, which is still relatively low.
Mortgage rates have taken a turn for the better, and it has everyone rushing to buy homes. Specifically, Freddie Mac says the average 30-year rate hit 3.82% in June, which is the lowest it’s been in two years.
This is one of the best times in history to purchase or refinance, but will rates remain this low? President Trump’s pressure on the Federal Reserve plus low inflation and lackluster economic data has one commentator predicting that we’ll see the lowest rates ever in the next 12 months.
Moving forward, we expect to see a wild ride for mortgage rates, so the only question is whether they’ll be more or less advantageous for home shoppers. As prices go up, we see more and more available inventory. When you couple this with stable interest rates, which should help affordability, we have conditions that favor buyers.
If you have any questions about our market or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to us. We’d be happy to help you.