According to NAR, Existing Home Sales fell 4.4% last month while New Home Sales rose by 4.4%. New homes aren’t quite making up the transaction count gap though, as they only saw 714,000 units moved annually compared to existing homes 4,070,000 doors changing owners last year.
Last month, 74% of the homes sold in less than 30 days, a little slower than the 76% of 30 day sales last month, and less than the 82% from last summer. The nationwide average median payment on all new loans for purchasing a home is $2,162, which is about a $320,000 loan.
Specific to Utah, our YTD sales volume has dropped 22% compared with last year at this time, and the median sales price is currently lower by 7.9% Carbon County has the lowest median price at $211K, while Summit County boasts the highest at $1.37M. Interesting how both of these locations started as mining communities, and goes to show that digging for silver is more lucrative than digging for coal. It’s also more dangerous; ten coal miners died last year on the job compared with 18 who mine metals. High risk, high reward I guess.
However! There were 48 Realtors who died on the job in 2017 (the last year data was published) which is higher than the death rate of coal and precious metal miners combined!
