A transformed housing market
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The pandemic upended America's housing market, delivering wins for homeowners and roadblocks for those still dreaming.
Why it matters: Sky-high home prices, elevated mortgage rates and a shortage of houses for sale are pushing homeownership out of reach for many.
In the past five years, here's how the market transformed and what could come next.
1. Home prices skyrocketed
Cheap borrowing costs and remote work unleashed a homebuying frenzy early in the pandemic — and sent prices soaring.
By the numbers: Salt Lake City's median home price in January was $524,031, up around 36% from $385,500 five years ago, according to Redfin.
- Those who own their houses sit on a mountain of wealth.
The big picture: A stubborn housing shortfall is keeping prices high, even as buyers have retreated, with 2024 sales hitting a nearly 30-year low.
2. Rates surged, buyers stalled
Mortgage rates surged after falling to the lowest levels on record in 2021.
- Higher monthly payments are sidelining many home shoppers, especially first-timers.
Between the lines: Rates are now hovering near 7% and are unlikely to drop much soon, experts say.