Like in many industries, there was certainly some cause for concern in real estate when the pandemic came about. New listings, pending sales and closings all dipped in March and April as uncertainty swept the nation. Fast forward to June, and the Utah real estate market has seen a surge like no other.
We've seen record setting numbers both in our brokerage and this market: pending sales have poured in and closings are right behind them. Compared to last year at the same time, our pending contracts have doubled. While this buyer confidence is a promising sign for our market, it means that the pre-existing inventory shortage has only been worsened. So now what?
Why is this happening?
- Federal mortage rates are at an all-time low: 2.99%