Home sales are down. Way down. As compared to years past, interest rates are having a definite effect of slowing the housing market.
The approximate median sales of the previous 4 years in November was about 4,000 homes across the UtahRealEstate.com. November 2022 was just over 2,000 homes sold. Certainly demand hasn’t decreased. But affordability has dropped with homes being so expensive due to higher interest rates.
