Mortage Rates and Housing Inventory Update

Well Housing Inventory in Cache Valley Utah has stayed pretty stable over the past month. There are currently 671 single family home listings and 767 total MLS listings. This is almost identical to where it was a month ago. The number of listings on the market historically goes down at the end of summer as this is when the highest percentage of homes sell. If this housing inventory doesn't reduce, we could be in for a long winter with modest price declines.

Mortgage rates have fluxuated up and down with varying economic news, but seem to be staying between 6 and 6.5 percent for fixed rate mortgages. The Northern Utah Mortgage Update today had 30 year fixed mortgages at 6.375% and 15 year fixed mortgages had a rate of 5.875%.

July Home Sales Numbers Up

Home sales in Cache County were up compared to June, and only down 10% compared to July of last year. 109 single family homes were sold this July in Cache County. The average price of these homes was just under $200,000 at $199,031. There were also 12 condos sold in Cache County, down from 19 sold last July.

Currently there are 672 single family home listings, 77 condos for sale, and 41 multi family properties for sale in Cache County. The number of active listings in Cache Valley has been steadily dropping for the past few weeks. This is good for the real estate market.