Feb 13, 2024 - News

Salt Lake area home vacancies fall below national average

Data: Census Bureau; Note: Only includes vacant housing units that are for sale; Chart: Axios Visuals
Data: Census Bureau; Note: Only includes vacant housing units that are for sale; Chart: Axios Visuals

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.

Go deeper: Why new home sales soared and existing homes plunged in 2023

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