It’s just two weeks into 2023, and Utah real estate agents are already being told to look to 2024 for things to improve.
The Salt Lake Chamber said this week that November marked the 21st consecutive month unemployment in the state fell below 3%. Derek Miller, its president and CEO, said in a statement Utah remained “a safe haven for business with good governance and wise policy in a globally slowing economy.”For housing, that also has meant homeowners aren’t losing their paychecks in droves as they were in the housing crash from late 2007 to 2009.
However, Yun said, rents, which have also been rising in Utah at a historic pace, might start slowing in 2023 as a wave ofWe’ve got a global pandemic, stimulus spending, blown-up supply chains and a war in Ukraine all fueling inflation the led to the rate hikes, the 1,000 or so real estate agents gathered at Salt Lake City’swere told. Many said the annual forecasts set a daunting tone for the year ahead.
So that’s a good sign for those hoping to buy, but they’ve seen their prospective monthly payments all but double over the same time. Pinched hardest in that trend: younger, first-time buyers. Many potential sellers, at the same time, are clinging to home base, delighted with those recent price gains and wary of what’s to come.
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