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Utah Homes | RealDealUtah Blog

Wednesday, June 28, 2023   /   by Justin Critchfield & Michelle Aspseter

Summer 2023 Housing Predictions: A Deeper Dive into the Utah Real Estate Market

As the warmth of summer approaches, many of us are casting an anxious eye towards the real estate market. Uncertainty abounds: What will happen to home prices? How will inventory change? Are interest rates going to rise or fall? Will the market crash? This blog post will provide a detailed forecast on these important components of the 2023 summer housing market.

1. The Shifting Sands of Inventory

First on our list is inventory. Our prediction? It's set to decrease. The number of homes on the market will shrink over the summer months. This is because, for many homeowners, moving right now doesn't make much sense. Builders have slowed their pace over the last year, which directly affects the number of available homes on the market. Furthermore, high interest rates make the prospect of a new mortgage less appealing, causing potential sellers to stay put.

2. Interest Rates: A Stabilizing Force

On the topic of interest rates, opinions vary. However, the consensus among experts sl ...

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