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Utah home sales fall 25% in September due to high mortgage rates

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Utah home sales fall 25% in September due to high mortgage rates


SALT LAKE CITY — September dwelling gross sales within the Beehive State fell 25.5% in comparison with the identical month final yr, in keeping with the Utah Affiliation of Realtors.

“The market is trending slower,” stated Adam Kirkham, the affiliation’s vice chairman and an affiliate dealer at Summit Sotheby’s. “The costs are coming down barely and it’s largely due to the upper rates of interest.”

Even with the slowdown in gross sales, the year-over-year median dwelling gross sales value in Utah elevated by 6.5% to $490,000 in September. Nonetheless, dwelling costs have fallen since their peak of $539,000 in Could of this yr.

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“We’re seeing value declines,” stated Dejan Eskic with the Kem C. Gardner Coverage Institute. “Throughout the Wasatch Entrance since Could, we’ve seen a couple of 7% value decline. Statewide, about 9% since Could. The market is correcting so as to transfer.”

These seeking to purchase a house proper now have extra choices and extra bargaining energy than they’ve had in recent times. The variety of houses in the marketplace in Utah elevated 79.4% in September from a yr earlier.

“By way of costs, I feel we’ll begin seeing year-over-year declines come late winter and early spring,” Eskic stated.

It’s now taking a mean of 40 days for a house to go underneath contract, in comparison with 21 days final September.

Eskic and Kirkham stated the massive pause in purchaser exercise could be blamed on the fast rise in mortgage rates of interest — now averaging above 7% for a 30-year-fixed mortgage.

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“I’ve been on this trade for 20 years and I’ve by no means seen a rise in charges this quickly,” Kirkham stated.

It’s not simply the upper charges which have consumers sitting on the sidelines, but in addition the unpredictability with charge fluctuations.

“It is a rate-driven slowdown out there,” Kirkham stated. “So if charges had been to settle in and even fall, we’d really see consumers come again into the market and costs might really enhance.”

“If rates of interest had been at 6%, or say, within the fives, we’d see much more exercise,” Eskic stated.

In line with the Nationwide Affiliation of Realtors, month-to-month mortgage funds are greater than 55% increased than a yr in the past.

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“Affordability challenges have priced many consumers out of the market this yr, and consumers who do achieve buying a house are discovering that the prices of homeownership have elevated considerably,” stated the September report from the Utah Affiliation of Realtors.

Utah nonetheless has demand for housing due to the state’s robust job market and inhabitants progress. Eskic stated present slowdown is inflicting homebuilders to tug again on permits.

“We’re going to see lots much less housing product coming on-line and that, in itself, places us in a troublesome state of affairs, as effectively, as we develop,” Eskic stated.





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Utah

Utah family creates 'Giving Gallery' to spread joy of art

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Utah family creates 'Giving Gallery' to spread joy of art


COTTONWOOD HEIGHTS, Utah — You might have heard of little libraries in neighborhoods, but have you heard of Giving Galleries?

A family in Cottonwood Heights is using their love for art to bring joy to those around them.

On the corner of Promenade and Camino is Abigail Bradshaw.

“I’m standing next to an art gallery, my art gallery. That’s my house,” she proudly said.

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Abigail is showing her tiny art gallery filled with pieces made by her family and others who want to contribute. This home used to be her great-grandmother’s.

“She was an artist, and so, I wanted to continue that legacy,” said Katie Bradshaw, Abigail’s mom. They found a box, painted it, propped it up, and filled it with tiny art. Anyone can just look at the art, pick up something they like, or put their own piece inside.

Miles Jacobsen is a friend who saw what the Bradshaws were doing and added his artwork to the box.

For people who want to make their own masterpieces, there is also a box of free art supplies in the gallery box. You can come by to pick up paint, paintbrushes, and tiny canvasses to create your own art, which you can drop off at the “giving gallery” to bring joy to someone else.

“I feel really glad that people come and get some art and put it in there,” said Abigail.

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Filling the box is something Katie does with her kids.

“I hope that they can carry this with them, that they continue sharing art, no matter where they are,” she said.

Spreading joy to everyone who walks by, and letting the cycle continue.

“I want them to feel happy and glad that they got some, so they could return some back here,” added Abigail.





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Amid traffic, Utah walked to Leafs’ arena pregame

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Amid traffic, Utah walked to Leafs’ arena pregame


TORONTO — The Utah Hockey Club said players were forced to walk to their game against the Maple Leafs after their bus got stuck in Toronto traffic Sunday night.

The team posted a video on social media of team members walking to Scotiabank Arena, with player Maveric Lamoureux saying the bus was “not moving at all.”

Several city streets had been closed during the day for an annual Santa Claus parade.

The Maple Leafs earned their fourth consecutive win by defeating Utah 3-2.

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The viral incident prompted Ontario Premier Doug Ford to call the congestion “embarrassing” and “unacceptable,” highlighting his government’s plan to address the city’s gridlock through bike lane legislation.

It wasn’t the first time a Toronto visitor had to ditch their vehicle to make it to an event on time.

In June, former One Direction band member Niall Horan had to walk through traffic to get to his concert at Scotiabank Arena.



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Utah Highway Patrol responds to your suggestions on making Utah roads safer

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Utah Highway Patrol responds to your suggestions on making Utah roads safer


SALT LAKE CITY — FOX 13 News is Driven to Change and that includes bringing you reports on important topics like road rage, construction, and wrong-way drivers. During our coverage, we continually ask for any questions or concerns you may have along Utah’s roadways.

The feedback has gotten an enormous response, so FOX 13 sat down with Lieutenant Cameron Roden on Good Day Utah to help address input we have been getting, from the perspective of Utah Highway Patrol.

Speeding in Utah, there’s so much of it, and then you can sometimes say that that leads to tailgating, which may lead to road rage incidents. What are you seeing out there in terms of speed and what can we do to lessen the effects of that?

Lt. Cameron Roden: Speed is our number one thing that we see. That’s our number one traffic stop that we make, and we know that it leads to the majority of crashes in the state of Utah. So we definitely put an emphasis on speed and it does lead to other things. Not just crashes. It leads to road rage and other things .So, as far as what changes can we make, we need to start with ourselves, and really say, ‘Hey, do I have a problem?’ You know, we just need to start with ourselves and not think that it’s something else’s problem. If we slow our speeds ourselves, and then it’ll start to to catch on and people will do that speed limit. So, but the legislature has definitely taken some steps to help us address, especially the the speeds that are those excessive speeds where we have that one zero five law now that addresses those speeds and increases fines and and hopefully discourages people from those extreme speeds.

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Some of our viewers talked about maybe capping some of the speed limits for truck drivers. Is that something that’s even feasible?

You know, that would be something that would have to go through that, that legislative process to see whether we that would be something that would help. But ultimately, if we we start with ourselves, hopefully that will make that change and reduce crashes and fatalities.

There are things being done to try and intervene and stop wrong-way drivers before they happen. But some of our viewers propose things like spikes. What are your thoughts on implementing something like that?

We’ve had over the last several years, a rash of wrong-way drivers, and it’ll come in onesie twos, and then we’ll go for a period of time without that. And so, but this spike over the last couple of years has caused us to to create a task force to look at wrongly driving what things can be done. And so getting all these stakeholders together between UDOT and Highway Safety, looking at what technologies and things that could be implemented, and and things like, wrong way detection cameras. Those are some things that are being actually used in the state of Utah right now to help us spot those and and advance signage, getting people to realize they’re going the wrong way and turn around. The the spike strips have actually been talked about in our task force a little bit. And if something like that would even be, it is that technology available right now. And as what we could actually implement in the state of Utah, there’s nothing that really fits the bill right now because of our environment. We have our snow plows. We have snow and things like that. Something like that really wouldn’t be practical right now.

Probably the most talked about topic that we’ve received was distracted driving, texting while driving. You went out, I saw on the UHP social media page, that you guys just driving and you look to your right and left and you can find someone texting. What kind of enforcement do we have against distracted driving specifically on your phone?

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This is something that we like you said, we see it every day. We go out to crashes,and and we may suspect that a driver may be distracted. And so, it’s something that’s definitely under-reported. It’s it’s a bigger problem than than the numbers really show.And so not only do we address it during our normal patrols.Our officers are seeing it, and addressing it while they’re out there.But we’ll also do targeted patrols where the highway safety office actually gives out additional funds for that targeted enforcement, where we’ll get an unmarked vehicle. We go out driving down the roads where we try to spot these vehicles and and get them stopped because those are those are a big danger on our roadways where our attention and our focus needs to be on driving.

If you have ideas or suggestions for how to make Utah’s roadways safer click here to be taken to our Driven to Change form. There you can share your ideas or suggestions.

DRIVEN TO CHANGE

Share your ideas on how to make Utah’s roads safer





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