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What does this mean? Are they coming back down?
No. We saw a 28% home price increase in 2021. In 2022, we are expecting around a 8.5% price increase. We are not seeing the crazy price increase that we saw in 2021 so it looks like home prices are coming down, but they are not. We the low inventory, an abundance of buyers and higher interest rates, home prices are balancing out slowly.
The average interest rate over the last 20 years is 7-8%. We are in the high 4's, low 5's right now.
Read more about the remaining 2022 Utah Real Estate forecast here.