St George, Utah Real Estate Log

08/29/05

Today’s real estate numbers:

• All homes for sale on the MLS: 568
• Homes pending (under contract): 869
• Median asking price: $369,900
• Average mortgage rate: 5.31%

The above numbers are significant. They are an indicator of what the St George real estate market is doing.

If you were to look at the numbers just 8 weeks ago you would have seen 480 homes for sale and about 930 homes pending contract.

It appears that, at least for now, our market may be slowing down or “moderating”.  The reason that I say that is that we have 7% fewer homes under contract than we have had most of the year. The pending homes are a very significant indicator because it shows exactly what homebuyers are doing right now. And right now they are buying fewer homes.

Perhaps our home prices have gotten high enough that homebuyers are having second thoughts about buying here. I would say this is especially true for investors.

On a final note, with mortgage rates being still very low, our market will still stay hot, but homes may not sell in a day or get multiple offers.

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