Why Buying a Home Is Becoming More Affordable This Fall — What St. George Buyers Should Know

For many prospective homebuyers in St. George, the past couple of years have felt like an uphill battle. High mortgage rates, fast-rising home prices, and tight inventory have all made it challenging to find a balance where your budget meets your dreams. But now, there’s reason for cautious optimism: affordability is starting to improve again this fall.

Experts agree that three key factors are shifting in a favorable direction: mortgage rates, home price growth, and wage gains. Let’s break each one down, and then look at how they matter specifically for you if you're looking for homes for sale in St. George.

1. Mortgage Rates Are Easing

Earlier this year, many buyers were navigating rates in the 7% range. Now, rates have come down significantly — closer to 6.3% for many buyers. That may not feel like a huge drop, but for a typical $400,000 mortgage, it can translate to around $200 less per month in costs just from the rate alone. That easing is opening the door for more households to qualify or move up, especially with the thought that the downward trend could lead to refinancing opportunities in the future.

2. Home Price Growth Is Slowing

One of the biggest pressures on affordability has been home prices rising rapidly year after year. With strong demand from more people moving to St. George, we've seen this even more than the national average.

The good news is data now shows that price growth is moderating. It is no longer in double digits, but rather low single digits. In some markets, prices have even flattened or dipped slightly. That means buyers aren’t being chased by rapidly increasing values as they shop, which gives more room to breathe.

3. Wages Are Gaining Ground

Buying power is closely tied to income. According to national data, wages are rising around 4% per year, and in many areas, that’s outpacing home price growth. When your paycheck grows faster than the cost of housing, it clearly going to help restore balance. That dynamic gives buyers more breathing room for mortgages, property taxes, and other housing costs. If it doesn't apply to you directly yet, consider how you might take advantage of this national trend by asking your employer for a raise or pursuing a new position. 

What All This Means for St. George Homebuyers

These national trends are promising, but what should you watch out for here in St. George?

• Re-run your numbers: If you tried to qualify earlier this year and didn’t make it, now may be a different story with lower rates and slower price growth. Even subtle shifts could be the change you needed.
• Be selective but ready: Homes that are move-in ready or lightly updated tend to attract more attention. If a home checks most of the boxes, it may be worthwhile to overlook minor imperfections rather than demand deep discounts.
• Don’t wait too long: While things are improving now, markets shift. Waiting for perfect timing can cost you in rising rates or renewed competition. Focus more on personal readiness to buy than on market conditions overall.
• Leverage local insight: In St. George, inventory, lot characteristics, view premiums, and HOA features often impact value more than the national average. This is one reason you need to partner with a local St. George agent who can tune your offer and strategy to our market.

How to Make This Opportunity Work for You

Here are a few tactical steps to take if you’re considering buying now:

• Get pre-qualified with several lenders. Even small rate differences can shift your budget.
• Look at recently sold comparable homes in your target neighborhoods to see how much room is in current offers.
• Be prepared to move quickly — as affordability improves, more buyers may re-enter the market.
• Work with a local real estate expert who knows St. George’s micro-markets, lot values, and growth corridors.

Affordability is never perfect, and challenges in the St. George market remain — inventory, insurance, lot premiums, and unique features will still matter. Even so, this fall the balance is nudging a bit more in favor of buyers than it has in awhile.

Thinking about testing the market or refining your buying strategy? Let's talk. We live and work in St. George neighborhoods every day — and we’d be happy to help you determine whether now is the right time to get back in. Contact us any time to learn more!