Gardner Institute, Dejan Eskic, is more bearish, predicting Utah home prices will drop 9% year over year in 2023. Utah will see minor “year-over-year price declines in the first and second quarter of 2023, but prices will begin to stabilize by the third and fourth quarter,” he said. Housing market is correcting - but Utah’s affordability crisis isn’t going away.Why two housing experts disagree on how much Utah home prices will drop in 2023.How far will they fall? Utah’s housing experts disagree over how much home prices will decline, though they remain confident that 2023 will not bring a full blown, 2007-like crash, and that Utah’s strong job economy will still largely insulate it from any negative impacts of a recession. After the next seven months, the median price fell by 14% to $485,829, erasing month-over-month percent increases until “finally turning negative 2.1% in December,” Wood wrote in his report. In Utah, housing prices have begun to decline, down from their peak in May, when the median sales price of Salt Lake County homes was $565,600. The West was ground zero for the pandemic housing frenzy and has also been one of the first areas to see home listing prices getting slashed as the market corrects. After seven years of Salt Lake County sales averaging 18,000 homes, the high prices of 2023 will mean sales will not top 13,000, he predicted, and likely range between 11,000 to 12,000. Reluctant sellers and priced-out buyers, Wood said, will mean 2023 will mark a year of slumped home sales. He expects buyers and sellers will “step back and wait for the dust to settle,” many of them locked in at low, 3% mortgage rates that helped send the nation’s housing market into a frenzy in 20. It’s going to be tough for home builders,” Wood said. It’s going to be tough for real estate agents. Gardner Policy Institute, detailed his forecast report commissioned by the Salt Lake Board of Realtors, explaining why he still feels optimistic for real estate even if 2023 won’t be a “year of celebration.” Wood, the Ivory-Boyer Senior Fellow at the University of Utah’s Kem C. What will happen to Utah’s housing market? navigating pandemic ‘housing bubble,’ Fed chairman says.
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