The above graph, courtesy of Southern Utah Title Company, shows the home sales performance of the Southern Utah real estate market so far in 2022, compared with the whole of 2021.
As can easily be seen, the number of homes sold a month has lagged behind the 2021 totals for the entire year to date.
We can also see a relatively steep decline in July, doubtless the cumulative effect on buyer sentiment of rising mortgage rates and other financial pressures, such as inflation.
It should, of course, be remembered that last year was absolutely exceptional and much of what we are currently seeing is a return to a more normalized market.
We have recently seen some stabilizing of mortgage rates, and that could lead to a leveling out of home sales, as opposed to the quite steady drop we've been tracking in recent months.
A better jobs market and lower gas prices are also good signs. The National Association of REALTORS® reported at the end of last week that it expects home sales to soon stabilize and that we are likely to start seeing steady gains again, as we head into 2023.
So, as we move towards summer's end, there are some reasons to be upbeat. However this does require a sensible approach to pricing your house to what the current market will bear and also paying attention to those presentation details that mattered much less during the buying frenzy of the past couple of years.
We are still selling very healthy numbers of homes right across all sectors, so why not contact us today at 435-327-2090 and discuss your best options.