Deseret News, July 29, 2024, Housing Market Sees Lower Costs, But Buyer Hesitancy Remains
The country’s housing shortage took a hard hit in 2022, rising to a 4.5 million deficit.
According to Zillow, “2023 was the strongest year for U.S. home completions since 2007, but 1.4 million additional homes aren’t enough to make a meaningful dent in the nation’s existing housing shortage due to the increase in the number of families.”
However, even houses that are on the market are struggling to get buyers’ attention.
According to Bankrate, a Utah home stays on the market for an average of 35 days, up five days from the year before. High interest rates and unaffordable home prices make it a seller’s market.
