UNAFFORDABLE UTAH

Report: Utah Ranks 2nd In Nation For Rising Home Prices

May 10, 2019, 6:58 PM

HERRIMAN, Utah — Home prices in Utah increased 14 percent in just one year, according to a new report by online mortgage marketplace RefiGuide.

The study compared data published by Zillow Research Data from March of last year to March of this year and found Utah to have the second fastest year-over-year home price change in the nation.

“In Utah the impact of a thriving economy and growing population is that prices increased 14% in just one year,” the report says.

Utah more than doubled the national average home price increase of 7.2 percent, the study said. Idaho came in first place with a 17.2 percent increase. After Utah, Nevada rounded out the top three with home prices jumping 10.9 percent.

“This is great news for homeowners whose homes may be worth more than their pre-recession values,” the report’s author said, “but less great news for homebuyers who can afford less house for the dollar.”

Alpine Homes sales agent Parker Knight said homebuilders can’t build fast enough at the South Hills development in Herriman.

“It’s been growing like crazy and it’s been almost hard to keep up,” he said. “There’s been a big, big boom with people coming from California and out of state.”

Demand for housing in Utah is so strong that potential homebuyers for a new Garbett Homes community in Murray are willing to wait in line for two days to secure a lot.

“We are number four in line,” said Kiersty Sholly, who is planning to move from Herriman to Murray. “We had no idea that it was going to be a two-night camping experience.”

It’s the chance to get a new home in a convenient location in the middle of the Salt Lake Valley that had about a half-dozen people sleeping in tents across from the model home ahead of the development’s grand opening on Saturday morning.

“There are so few houses available in Salt Lake anymore,” said Meghan Knudsen, who was also waiting in line.

Knudsen said she is able to make the move to a new house thanks to the equity she has in a home she purchased in 2013.

“My current home has increased more than 50 percent since I bought it—which is the only reason that I’m not able to buy this house,” she said. “But I look at my peers and many of them can’t even begin to afford a house in this market right now.”

There were actually two states where home prices dropped last year: Alaska and Delaware, according to the RefiGuide report.

KSL 5 TV Live

Top Stories

Unaffordable Utah

...
Ladd Egan, KSL TV

Home valuations jump dramatically, but watchdog group says to expect modest increase in property taxes

Assessors across Utah are finishing up home valuations for upcoming property tax notices, and two counties are already reporting big increases in values.
13 days ago
Utah's hot housing market...
Ladd Egan, KSL TV

Utah housing expert predicts pullback in activity because of mortgage rates

An expert in Utah’s housing market expects that rising mortgage rates will cause a pullback in real estate activity and a slowdown in home price increases.
14 days ago
...
Lauren Steinbrecher, KSL TV

SLC neighborhood townhall raises questions over Affordable Housing Incentives proposal

Thursday night, concerns arose at a community townhall in a Salt Lake City neighborhood over an affordable housing incentives proposal, that some worry is deeply flawed.
17 days ago
...
Ladd Egan, KSL TV

Unaffordable Utah: Budget-friendly family summer fun

After two summers of pandemic restrictions, Utah families are itching to have some fun. If inflation, gas prices, and sky-high plane tickets are taxing your budget, don't worry! KSL has the solutions.
1 month ago
...
Ladd Egan, KSL TV

National home builder confidence drops to two-year low

For the fifth straight month, national home builder confidence fell, according to the National Association of Home Builders/Wells Fargo Housing Market Index.
1 month ago
...
Lauren Steinbrecher, KSL TV

Moab housing crisis demands solutions as workers struggle to find places to live

One of Utah’s most popular tourist destinations is facing a crisis. Tourists flocking to Moab have plenty of options when it comes to places to stay, but the workers who keep the town running say they can’t afford to live there and there aren’t enough places to rent.
2 months ago

Sponsored Articles

hand holding 3d rendering mobile connect with security camera for security solutions...
Les Olson

Wondering what security solutions are right for you? Find out more about how to protect your surroundings

Physical security helps everyone. Keep your employees, clients, and customers safe with security solutions that protect your workplace.
Many rattan pendant lights, hay hang from the ceiling.Traditional and simple lighting....
Lighting Design

The Best Ways to Style Rattan Pendant Lighting in Your Home

Rattan pendant lights create a rustic and breezy feel, and are an easy way to incorporate this hot trend into your home decor.
Earth day 2022...
1-800-GOT-JUNK?

How Are You Celebrating Earth Day 2022? | 4 Simple Ways to Celebrate Earth Day and Protect the Environment

Earth Day is a great time to reflect on how we can be more environmentally conscious. Here are some tips for celebrating Earth Day.
Get Money Online...

More Ways to Get Money Online Right Now in Your Spare Time

Here are 4 easy ways that you can get more money online if you have some free time and want to make a little extra on the side.
Lighting trends 2022...

Lighting Trends 2022 | 5 Beautiful Home Lighting Trends You Can Expect to See this Year and Beyond

This is where you can see the latest lighting trends for 2022 straight from the Lightovation Show at the Dallas World Trade Center.
What Can't You Throw Away in the Trash...

What Can’t You Throw Away in the Trash? | 5 Things You Shouldn’t Throw in to Your Trash Can

What can't you throw away in the trash? Believe it or not, there are actually many items that shouldn't be thrown straight into the trash.
Report: Utah Ranks 2nd In Nation For Rising Home Prices