September Median Prices

In September, the median price of a single-family home in Salt Lake County rose to $615,000, marking a 1% increase from $606,000 in September 2022. This upswing comes despite the most substantial mortgage interest rates seen in more than two decades, driven upward by a scarce inventory. As of Oct. 12, Freddie Mac reports that the 30-year fixed-rate mortgage averaged 7.5%. Conversely, the median price for multi-family homes in September dipped to $404,000, a 1% decrease from $410,000 in the previous year's same month. Furthermore, sales across all housing types fell to 877 units in September, representing a significant 21% decline from the 1,117 units sold in September 2022.