Where Utah’s housing prices stand amid market correction
Utah’s housing prices are still down compared to last year, but they’re tracking upward from winter when they appeared to hit bottom.
The latest local home sales data shows today’s high interest rates are continuing to dampen sales of all housing types across the Wasatch Front, from single-family homes to condos and townhomes.
Prices, however, even though they’re down year over year, are still stubbornly high, likely due to squeezed inventory. Many homeowners are reluctant to sell, wary of losing their existing mortgage interest rates and entering a market with rates that exceed 6% or 7%, depending on the day. Meanwhile, Utah’s years-long housing shortage continues to persist, aggravating Utah’s affordability issues.
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In Utah’s most populated county, Salt Lake County, the median price of single-family homes flatlined from May to June at $600,000 — but that’s 12% up from when single-family home prices bottomed in January at $535,700.
Prices for all home types in Salt Lake County hit a low in December of $480,000, but by June the median home price rose to $519,000, an 8% increase since bottoming in December.
“The higher interest rates have led to a decline in home sales, with only 1,072 housing units sold in June, a 26% decrease compared to June 2022,” said Dave Anderton, spokesman for the Salt Lake Board of Realtors. “Since the Federal Reserve started raising rates, home sales have been decreasing by approximately 400 units per month.”
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Year over year price declines span across all Wasatch Front counties — Salt Lake, Utah, Davis, Tooele and Weber — but the biggest drops were seen in the multi-family sector of Davis County, where the median price dipped over 11.5% from June of last year, and the single-family home sector of Tooele County, were the median price dropped 11.8% year over year.
Here’s what Utah’s housing prices were in the month of June, as well as how they’re trending, according to the Salt Lake Board of Realtors:
Salt Lake County
Median price of all housing types was $519,000, down from $535,000 in May and down nearly 4% from June of last year
Single-family homes: $600,000, flat from May, but down 4.1 % from June of last year
Multi-family homes: $413,000, down from $450,000 in May, and down 8.2% year over year
Davis County
Median price of all housing types in June was $520,500, up from $510,000 in May but down 3.6% from June of last year
Single-family homes: $545,000, down from $550,000 in May and down 9.2% year over year
Multi-family homes: $378,250, down from $396,750 in May and down 11.5% year over year
Utah County
Median price of all housing types was $500,000, up from $489,804 in May but down over 7% from June of last year
Single-family homes: $595,000, up from $571,500 in May but down 3.4% year over year
Multi-family homes: $400,000, up from $389,995 in May but down 5.9% year over year
Tooele County
Median price of all housing types was $447,000, down from $449,695 in May and down 10% from June of last year
Single-family homes: $450,000, down from $461,330 in May and down 11.8% year over year
Multi-family homes: $377,500, up from $353,995 in May and up 3.4% year over year
Weber County
Median price of all housing types was $425,000, up from $412,000 in May but down 5.1% from June of last year
Single-family homes: $475,000, up from $446,000 in May but down 2.4% year over year
Multi-family homes: $365,900, up from $353,500 in May but down 1.5% year over year
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