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Top Equity Realty’s Thoughts and Data on our Utah Home Sales Report – Third Quarter 2023 Highlights:
In the third quarter of 2023, a resilient 6,675 homes found new owners in the regions covered by this report. While this represented a 9.5% decrease compared to the third quarter of 2022, it’s important to note that the housing market remains active and vibrant. Moreover, there was a modest 5.7% dip in sales from the previous quarter, showcasing stability.
Notably, Wasatch, Summit, and Morgan counties stood out as shining stars in this market. These counties experienced an impressive increase in home sales compared to the same period in 2022, and they continued to shine with growth between the second and third quarters of this year. ️
Listing activity soared by an encouraging 28.7% when compared to the second quarter of 2023. This surge in available properties demonstrates a dynamic and evolving market. While this increased choice didn’t immediately sway buyers, it signifies that the market is offering more options to potential homeowners.
Although pending sales saw a slight dip of 8.9% from the second quarter, this could merely be a temporary lull. The market has shown its resilience, and there’s optimism for a potential rebound in the fourth quarter of 2023.
These trends illustrate the resilience and adaptability of the Utah housing market. Despite some fluctuations, it remains an active and evolving landscape with opportunities for buyers and sellers alike. The positive trajectory in certain counties and the increased listing activity signal a market that’s poised for growth in the near future.
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