Salt Lake home prices see nearly 8% year-over-year increase
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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.