We saw a decline in median home price for single family homes in Salt Lake County of 9% year over year for March.
The last half of last year, we saw a decrease of 11.7%, so we've rebounded from the bottom at $561,000 in December of last year.
Maybe in June, when there's no more snow, we'll see inventory increase and prices going up.
The Fed wanted to slow inflation/appreciation by raising rates, and they have definitely done that. We've been Jerome Powelled into a decline.
However, prices are slowly rising because our inventory is low and we still have lots of buyers willing to get a 7% mortgage rate.
The only way we know when we've hit the bottom, like last December, is after we've started to rise.
