Friday, September 16, 2022 / by Justin Critchfield & Michelle Aspseter
Interest rates took and unexpected dip in August AFTER the fed raised rates by .75%. This caused fast inventory levels to stop increasing overnight. More homes went under contract as a result of the low rates. Ever since then, Utah housing inventory leveled off and has stayed consistently around 9,500 active homes. Now in the middle of September of 2022 interest rates have risen to 6%, their highest level in 14 years and inventory has gone up again now reaching 10,000 homes!
IF interest rates stay this high, expect inventory levels to keep raising. But don't panic, we would need to reach 14,000 homes before it becomes a "neutral" buyer and seller market.
Stay tuned to get more updates as the market evolves.