Park City Market Report Q3 2023.

With inventories returning to a more normal pre-Covid level, and competition for available properties still running strong despite record high mortgage interest rates, third quarter sales totals for single family homes in Summit and Wasatch counties were 46% higher than in second quarter, but the longer lens of year-over-year change showed sales dropped 25% while prices remained steady to up slightly. The median home sale price in the PCMLS primary market area increased just $10,000 for the year ending 9/30/23 vs. the same period ending 9/30/22. The quarterly increase in sales volume presages the direction consumers should expect to see in both prices and sales volume in the year ahead. This decrease in local market price volatility reflects trends seen elsewhere in the country, as business returns to a more “normal” seasonal pattern...

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