In the Salt Lake metro area, the median home sale price ticked up almost 8% in December 2024 from a year ago, according to Redfin data.
Why it matters:Home prices climbed in every one of the 50 largest U.S. metro areas in December from a year earlier — a first since May 2022, per Redfin's analysis.
The big picture: A persistent shortage of homes for sale is keeping prices high, though inventory rose recently.
U.S. housing inventory jumped nearly 17% in January from a year earlier, National Association of Realtors data shows.
The latest: Areas long seen as more affordable, such as Cleveland and Milwaukee, are seeing prices soar, according to Redfin senior economist Elijah de la Campa.
Prices are on the rise in parts of Texas and Florida, where a homebuilding boom has helped to slow price growth.
The bottom line: "Affordable housing havens have become harder and harder to come by," de la Campa wrote in the report.