Brand new numbers show Utah’s housing market has reached record-breaking levels — again.
According to data from UtahRealEstate.com, analyzed by the Kem C. Gardner Policy Institute, the statewide median sold price for all housing types reached $437,000 in May, up 30% from a year ago.
Across Utah, the average house price increased by $102,000 in just one year, according to the data.
The numbers were even higher for detached single-family homes. The statewide median sold price in May was $475,000, which is an increase of nearly 30% from a year ago. According to the data, the average detached single-family home went up by $122,000 in just a year.
“Prices have yet to start moderating,” said Dejan Eskic, a senior research fellow with the Kem C. Gardner Policy Institute. “We’re hitting new records.”
But Eskic told 2News there are a few reasons for buyers to be a bit more hopeful this month.
First, he said, homes are lasting slightly longer on the market, even if only barely.
The median days on market has increased from five days to six days, so maybe we might have bottomed out,” Eskic said, “but it’s still too early to tell.”
Besides that, Eskic said, inventory was up in May. That’s good news for buyers because the number of homes available for sale has been very low, largely driven by fewer homes for sale because of the COVID-19 pandemic.
“That’s a very good sign,” said Eskic of the rising inventory. “Buyers are having more choices, which is good.”
Eskic previously told 2News he expects prices to moderate at some point, but with continued strong demand for housing, he said that isn’t happening yet.
“The thing that can really shift prices right now is interest rates,” he said, noting interest rates remain at historically low levels. “That’s about it, short term.”