Salt Lake area home vacancies fall below national average
Add Axios as your preferred source to
see more of our stories on Google.
Less than 1% of Salt Lake metro area homes were up for sale at the end of 2023, per the latest quarterly census data.
- U.S. home vacancies in the fourth quarter remained near the lowest on record, at 0.9%.
Why it matters: The percentage of unoccupied homes is one way to gauge the tightness of the housing market, Axios' Matt Phillips writes.
The big picture: Low inventory is enticing builders to ramp up new construction, Axios' Nathan Bomey reports.
Zoom in: A surge of expensive, luxury apartments is popping up across Salt Lake County to address the area's critical housing shortage.
- The Salt Lake City Council passed zoning changes last year aimed at incentivizing builders to create more multifamily units.
The bottom line: Experts say the nation needs to build a mix of housing, and more of it, to overcome a major home shortage.
- In many bigger cities, plans to add much-needed housing include redeveloping old office space.
Go deeper: Why new home sales soared and existing homes plunged in 2023