Rising interest rates and a potential slowdown in the economy could finally be having an impact on asking prices for homes in southwestern Utah, with average listings dropping slightly in both the St. George and Cedar City areas in September, according to the latest housing reports.
The typical home in Washington County was listed for $657,475 in September, down about 1.5% from the previous month but still up 4.2% compared to the same month in 2021, according to data kept by Realtor.com.
The median sales price — the price of homes that actually sold — was $486,956, up nearly 20% compared to last year but about $13,000 lower than in August.
Demand for homes remained high. Many homes were sold soon after they were listed, with a median of 53 days on market for homes on sale. There were 614 new homes listed in September, down slightly from a year earlier. The market ended the month with 1,295 active listings.
The median size of the homes listed was 2,220 square feet, according to the report, for an average of $300 per square foot.
Cedar City area home prices
In the meantime, prices in neighboring Iron County continued to rise, climbing 4% from last month to $457,500, a figure more than 10% higher than in August of 2021.
Through June, the median sales price had risen nearly 15% year-over-year, to nearly $370,000.
Homes spent a median of 70 days on the market before selling, and there were 647 homes actively listed on the market.
Utah housing trends
Asking prices were falling across much of the state.
Across all of Utah, median home prices were $579,500, falling 2.3% from a month earlier. The median Utah home for sale had 2,434 square feet at a list price of $246 per square foot.
Across the United States, median home prices were $427,050, down 1.3% from a month earlier. The median American home for sale had 1,875 square feet, listed at $220 per square foot.
David DeMille writes about southwestern Utah for The Spectrum & Daily News, a USA TODAY Network newsroom based in St. George. Follow him at @SpectrumDeMille or contact him at firstname.lastname@example.org. To support and sustain this work, please subscribe today.
This article originally appeared on St. George Spectrum & Daily News: St. George, Cedar City area housing markets see prices changing