UNAFFORDABLE UTAH

Utah’s median home price rises to $500k despite high mortgage rates

Jun 14, 2024, 5:30 PM | Updated: 6:27 pm

Utah’s home prices are going up – again.

After falling slightly due to spiking mortgage rates, the median housing price in the Beehive state reached $500,000 in April, according to the latest data from the Utah Association of Realtors.

Prices are rising even though mortgage rates remain stubbornly high.

April 2024 local market update.

April 2024 local market update. (Utah Association of Realtors)

“Housing prices turned out to be really sticky,” said Jim Wood, a housing analyst at the Kem C. Gardner Policy Institute who has studied the market for 50 years. “What we’re seeing, I think, now is the real estate market adjusting to higher interest rates.”

The half-million-dollar median price in Utah is for all housing types – single-family homes, townhouses, and condominiums – and is 4.2% higher than April 2023.

The last time Utah’s statewide median price was this high was in August 2022, said Dejan Eskic, who also analyzes the housing market at the Gardner Institute.

Jim Wood, a housing analyst at the Kem C. Gardner Policy Institute.

Jim Wood, a housing analyst at the Kem C. Gardner Policy Institute. (KSL TV)

Meanwhile, mortgage rates are hovering around 7%, according to Mortgage News Daily.

“This is the new normal,” Wood said. “Rates are going to be a little bit higher.”

Ryan Barrett decided to buy a house despite the higher rates. The Salt Lake City attorney searched for years for the right place. He found one near Liberty Park and is set to close at the end of the month.

“I want to have a house that’s mine,” Barrett said. “I want to be able to make it mine and decorate it the way I want to.”

But the market wasn’t easy.

“It’s more than I wanted to spend, that’s for sure,” Barrett said.

Ryan Barrett, a Salt Lake City attorney who is still trying to find the right place to buy in Salt Lake City.

Ryan Barrett, a Salt Lake City attorney who recently found a home to buy after years of searching. (KSL TV)

Demand for housing in Utah is expected to remain very strong. Absent a major recession, Wood said, prices likely won’t fall.

For buyers who can afford it, he said, “my advice would be to get in now.”

That’s what Barrett did.

“I think it’s a good financial decision,” he said, “but at the end of the day, it might not be, and I don’t care.”

Barrett hopes to refinance later if rates fall.

“If they don’t, I know what I have to pay,” he said, “and it works out.”

Home prices in Utah vary by county. Housing is most expensive in Summit and Wasatch counties, where the median prices are over $1 million, according to the data.

Utah has more ‘million-dollar cities’ as home prices climb

KSL 5 TV Live

Unaffordable Utah

The cost of homeowner's insurance in Utah has risen by double digits since 2022, impacting both cur...

Daniel Woodruff

Cost of homeowner’s insurance in Utah up by double digits each year since 2022

Homeowner's insurance costs have risen by double-digit percentages for the last three years. The Utah insurance commissioner has concerns, and advice.

1 month ago

A group of graduates at their ceremony....

Karah Brackin

AI and budgeting are the biggest challenges for newer graduates, experts say

With graduation season in full swing, the “real world” challenges graduates face may look a little different this year.

2 months ago

(FILE) Two signs advertising bedrooms for rent....

Daniel Woodruff

Rent costs are up nationally, but what about Utah?

While some aspects of inflation are cooling down, the cost of renting has continued rising.

2 months ago

KSL’s Matt Gephardt price shopped several items at traditional grocery stores and specialty food ...

Matt Gephardt

Gephardt Busts Inflation: Will shopping specialty food markets save you money?

To save money on your groceries, a specialty food market might not come to mind. But KSL Consumer Investigator Matt Gephardt found branching out to specialty food markets might help you bust some grocery inflation.

2 months ago

High food prices are squeezing Utah families, and going to the grocery store can be a frustrating e...

Daniel Woodruff

Is grocery shopping ‘frustrating and stressful’? Here are ways to stretch your dollars

High food prices are squeezing Utah families, and going to the grocery store can be a frustrating experience.

2 months ago

SEATTLE, WA - OCTOBER 31: A Redfin real estate yard sign is pictured in front of a house for sale o...

Alex Veiga, AP Business Writer

Redfin agrees to pay $9.25 million to settle real estate broker commission lawsuits

Redfin has agreed to pay $9.25 million to settle federal lawsuits that claim U.S. homeowners were saddled with artificially inflated broker commissions when they sold their homes.

3 months ago

Sponsored Articles

young male technician is repairing a printer at office...

Les Olson

Unraveling the dilemma between leasing and buying office technology

Carefully weigh these pros and cons to make an informed decision that best suits your business growth and day-to-day operation. 

A kitchen in a modern farmhouse....

Lighting Design

A room-by-room lighting guide for your home

Bookmark this room-by-room lighting guide whenever you decide to upgrade your lighting or style a new home.

Photo courtesy of Artists of Ballet West...

Ballet West

The rising demand for ballet tickets: why they’re harder to get

Ballet West’s box office is experiencing demand they’ve never seen before, leaving many interested patrons unable to secure tickets they want.

Electrician repairing ceiling fan with lamps indoors...

Lighting Design

Stay cool this summer with ceiling fans

When used correctly, ceiling fans help circulate cool and warm air. They can also help you save on utilities.

Side view at diverse group of children sitting in row at school classroom and using laptops...

PC Laptops

5 internet safety tips for kids

Read these tips about internet safety for kids so that your children can use this tool for learning and discovery in positive ways.

Women hold card for scanning key card to access Photocopier Security system concept...

Les Olson

Why printer security should be top of mind for your business

Connected printers have vulnerable endpoints that are an easy target for cyber thieves. Protect your business with these tips.

Utah’s median home price rises to $500k despite high mortgage rates