Utah home prices: A slight dip as of August, but buying a house is still unaffordable for most Utahns
Rising mortgage rates are pushing Wasatch Front home sales to a nine-year low, and 9 in 10 Utah renters cannot afford the median home price.
Here are other key takeaways from the latest signals that Utah’s longstanding housing affordability problems probably won’t improve anytime soon:Home sales fell by almost 20% statewide in 2022 and the declines have been steeper, especially along the Wasatch Front, between January and June 2023With the slowdown, Salt Lake County’s median price on a single-family home dipped to $582,500 as of the end of June, off 7% from a year before — when, according to the Salt Lake Board of Realtors, it stood...
So these price corrections thus far has been relatively small, market observers say, at least compared to their decade-long climb. And the magnitude of effects of mortgage rates edging up from 4.5% to just short of 7% in less than a year, meanwhile, all but erases any advantages from the recent price declines.in Salt Lake City, to buy a home at Utah’s median sales prices in the spring of 2021, you needed to earn at least $98,640 a year.
“We’ve cut out a lot of the first-time buyers,” said Dave Anderton, spokesperson for the Salt Lake Board of Realtors. “But even move-up buyers are getting frozen out of this market. We’re in a dilemma right now.”
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