Jul 26, 2024 - News
Utah's housing supply is flagging again after a post-pandemic surge
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The housing supply in the Salt Lake metro area has fallen again after a couple of brief post-pandemic spikes.
Why it matters: The housing market is considered balanced when supply meets the six-month level — and Utah's housing markets don't come close to that.
Zoom out: Nationally, that hasn't happened since 2012.
- "The market is fundamentally unbalanced," because the U.S. is short an estimated 3.8 million homes, Redfin chief economist Daryl Fairweather tells Axios.
Between the lines: Housing supply drives affordability.
What's next: If mortgage rates fall, demand will surge, and supply will continue to deplete, Fairweather says.