Salt Lake Home Sales Climb to Record High in July 2020

Salt Lake Home Sales Climb to Record High in July

 

Salt Lake County home sales reached an all-time high in July at 2,093 homes sold, 15 percent higher than July 2019. It’s the first time monthly sales surpassed 2,000 closings since the MLS began keeping records. Home sales had tumbled in April and May as the COVID-19 pandemic forced business shutdowns and slowed consumer spending. However, sales began to increase in June as home buyers took advantage of record-low mortgage interest rates. Limited inventory remains the biggest challenge. Based on sales trends over the past six months, Salt Lake County’s housing inventory currently for sale would be sold in less than three months (2.87 months) if no new listings were added to the market.