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New numbers point to change in housing market that could favor buyers

New numbers point to change in housing market that could favor buyers
Posted at 5:59 PM, Jan 23, 2019
and last updated 2019-01-23 23:52:07-05

SALT LAKE COUNTY — Home sales in Salt Lake County were strong in 2018, but slowing at the end of the year may indicate a shift to a buyers’, rather than a sellers’ market.

The Salt Lake Board of Realtors recorded more than 18,000 home sales in Utah’s most populous county for 2018. Only 2016 saw a higher number of houses sold.

But home sales declined in the fourth quarter, with more houses on the market and realtors seeing some impact on prices.

“We've seen a number of price reductions and we've seen less multiple offers,” said Scott Robbins, President of the Salt Lake Board of Realtors.

While that could be welcome news to buyers overwhelmed by prices outpacing wage increases, Robbins hesitates to say the market is becoming affordable, noting that only 52 percent of homes for sale are within range Salt Lake County’s median family income.