Utah Home Prices Falling

(St. George, UT) — Higher interest rates are driving down Utah home prices, particularly in the southwestern corner of the state. Home prices in the St. George area fell more than 16-percent in March, to an average of 474-thousand dollars. Figures from the real estate services firm Redfin show prices in Provo fell almost 16-percent, to an average of 405-thousand dollars. At an average of 540-thousand dollars, Salt Lake prices were down eight-point-five percent and Ogden was down seven-point-seven percent, to 368-thousand dollars. The declines in Utah reflect a national trend with March home prices falling the most in eleven years.