Utah Home Prices Climb $105K In One Year To New Record High
LEHI, Utah – The median home sales price in Utah hit a new record high of $450,000 last month, according to the Utah Association of Realtors, marking 111 consecutive months of home price increases in the state.
The association’s June real estate report indicates that the median price for homes sold in June increased by more than 30% from the same month last year. In June of 2020, the median price was $345,000. In June of 2019, the median sales price was $325,000.
“The reason for the skyrocketing home prices is not having enough homes for sale,” Utah Association of Realtors president Caro Norton said in a press release. “The number of active listings remains significantly below what is needed to keep up with buyer demand and protect housing affordability.”
The number of homes available for sale hit a record low for any June on record for data going back to 2003, the report said. There were 5,369 homes for sale at the end of last month, compared to 11,446 homes on the market in June of 2020 and 14,498 homes in June of 2019.
“We just don’t have a lot of standing inventory and what that means is inventory is coming on the market all the time, it’s just selling at a much faster pace,” said DeAnna Robbins, a broker with Summit Sotheby’s International Realty. “So you’ve got to be in the market be actively pursuing the property because they do go quickly.”
Homes for sale only stayed on the market for a statewide average of 18 days last month, compared to around 40 days in June of 2020 and 2019.
“The increase in sales prices comes with a slight decline in existing home sales nationwide, as homebuyers struggle with declining affordability amid a lack of inventory, forcing some buyers to simply wait it out in hopes of more inventory and less competition,” the association said in its June report.
The report also said the home builders are trying to meet the demand for more housing. According to the Department of Commerce, housing starts increased 3.6% from in May from the month before.
“We’re starting to see more new construction available,” Robbins said. “It’s been a really frustrating time for builders.”
In Salt Lake County, the median sales price of a single-family home soared 31% to a new high of $551,000, according to the Salt Lake Board of Realtors. For the same month last year, the median sales price was $420,000.
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