Utah's new housing data was just released, and many of you are going to be surprised. I'm going to compare the most recent data to last month's numbers. Nearly 2,900 homes were sold in April 2023, and almost 3,400 homes were sold this last month. That's a month over month increase of about 500 houses sold.
Homes sold six days faster, dropping from 29 days to only 23 days. The median price per square foot jumped by more than $5 up to $225.96. The median sold price for a single family home increased by $4,000, going from $537,000 in April to $541,000 in May. This is the fourth consecutive month that home prices have increased.
If you're trying to time the market to get the best deal, you're too late. The data shows that you've already missed the bottom. Prices are increasing and homes are selling faster. If you need to buy a home, you need to start looking, well, yesterday.
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