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Real Estate July 2022 Update

"The number of homes for sale in Salt Lake City, UT increased by 64.1% between June 2022 and July 2022. Listings spent 43 days on the market in July 2022, and had a median list price of $649,900 during the same period. From July 2021 through July 2022, the following changes in listing prices were observed in this housing market: 1 bedroom properties prices decreased by 2.7%, prices of 2 bedrooms properties went down by 1.9%, prices of 3 bedrooms properties increased by 1.9%, prices of 4 bedrooms properties went up by 1.5%, 5 bedrooms properties prices decreased by 4.5%. Volume of homes for sale in this real estate market have seen the following changes: 1 bedroom homes inventory increased by 47.8%, 2 bedrooms homes inventory increased by 89.5%, the quantity of 3 bedrooms homes went up by 80%, 4 bedrooms homes inventory increased by 52.3%, the quantity of 5 bedrooms homes went up by 41.7%."

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If you are thinking of buying in the next 6 months, be careful of Realtors who say "the time to buy is now and if the interest rates drop, then refinance". I've even heard Dave Ramsey say this and I


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