Deseret News

Some areas of Utah offer abundant opportunities while boasting a reasonable housing market price under the state average.

Home sales in August dipped 4.2% from a year ago, but growing inventory is anticipated to ease the market.

"Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months," National Association of Realtors®' chief economist Lawrence Yun said in a report on existing home sales. "The home-buying process, from the initial search to getting the house keys, typically takes several months."

Mortgage rates have dropped over the past couple of months. According to FreddieMac, the current 30-year fixed-rate mortgage is 6.08%, down 1.23% from a year ago.

Registered housing inventory last month was 1.35 million units. A year ago, it was 1.1 million, the NAR report said.

"The rise in inventory — and, more technically, the accompanying months' supply — implies home buyers are in a much-improved position to find the right home and at more favorable prices," Yun added.

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