The Utah Association of Realtors reports that after 129 months of price increases, January marked the first, year-over-year decline in statewide home prices. And in February, prices dropped again.
SANDY — The Utah Association of Realtors reports that after 129 months of price increases, January marked the first year-over-year decline in statewide home prices. And in February, prices dropped again.
The median sales price in Utah was $464,000 in February, according to the realtor group's monthly report. That's a 7.6% decline from last February's median sales price of $502,000.The Utah Association of Realtors reports that after 129 months of price increases, January marked the first year-over-year decline in statewide home prices. And in February, prices dropped again. "Prices are sticky because the inventory is still low," she said.
When it comes to how long houses are sitting on the market until an offer is accepted, the report said the average number of days increased to 67 in February. The previous February, it only took an average of 28 days for a home to go under contract.
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