June 2024 Kanab Real Estate Overview: Navigating Current Market Trends

June in Kanab has seen some intriguing shifts in the real estate market. Last month, three homes were successfully sold at an average price of $434,900, with a prevailing price per square foot at $228. Despite these sales, the market is experiencing an extended time frame for transactions, with homes now staying on the market for an average of 295 days.

Currently, the inventory in Kanab stands robust with 74 homes available and 14 others pending or under contract. This year’s figures depict a rise in both the duration homes remain for sale and the number of homes available, signaling a shift towards a buyer's market. This is reflected in the attached graph, which compares data from previous years, showcasing the evolution of market dynamics such as pricing and days on market.

Mortgage rates have stabilized at around 6.86% for a 30-year fixed loan. However, with the upcoming national elections, historical trends suggest a potential slight decline in rates, possibly by 0.2% to 0.3%. This could influence buyer activity and market liquidity in the coming months.

For those considering entering the market, whether buying or selling, understanding these trends is crucial. The potential dip in mortgage rates might present an opportune moment to secure a favorable deal. Stay updated on Kanab’s real estate landscape with Love Realty Utah, your go-to source for local real estate news and expert guidance.

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