Jul 18, 2024 - News
Salt Lake home prices are rising again
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Home prices in the Salt Lake metro area rose steadily this spring after the market seemingly cooled a bit last year.
Why it matters: Summer is the most fruitful home-selling season, so we're checking out where the market stands.
By the numbers: The median price as of May was $534,900, up from $530,500.
What's next: Elevated mortgage rates, which are dampening the appeal and affordability of home buying, could remain high for longer.
- The Fed signaled in June that only one interest rate cut is coming this year.
Zoom in: The high mortgage rates are especially significant in Utah, where existing homeowners enjoy unusually low mortgage rates, disincentivizing them to sell.
- That likely adds pressure to Salt Lake's already-strapped housing supply.