Salt Lake's housing market is cooling down
Add Axios as your preferred source to
see more of our stories on Google.

Salt Lake City's housing market is cooling down faster than the national average, according to an analysis by Redfin.
Why it matters: With fewer buyers competing, homebuyers might find it easier to avoid paying more than the asking price.
By the numbers: Between April 2023 and April 2024, Salt Lake metro saw a 5% decrease in the share of homes sold within two weeks, compared to about a 3% drop nationally.
- Meanwhile, housing inventory increased 17% year-over-year.
The big picture: Supply issues continue to put pressure on home prices across the U.S., despite mortgage rates dampening demand.

Zoom out: This is particularly true in parts of California and in the Northeast. Homes are selling quickly, and for over asking, per Redfin data.
- In the South, however, supply is picking up and markets are cooling down.
Zoom in: Florida and Texas may be hotter than ever, but their housing markets are cooling quicker than most other regions, according to Redfin.
- New home construction, unaffordable home insurance and intense natural disaster threats contribute to increased supply and lower demand.
- Homes aren't moving off the market as quickly, and a growing share of sellers are bringing their asking prices down — all signs these markets are cooling down.
Yes, but: Those two states were the poster children for the pandemic price boom, so home prices are much higher than five years ago.
What's next: Some relief could be coming for buyers on the mortgage rate front.

