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Axios Salt Lake City Thought Bubble

Axios Salt Lake City

Salt Lake City cracks the top 20 when it comes to building new homes, per the latest analysis by real estate company Redfin.

What they found: Salt Lake City had 12.2 single-family building permits per 10,000 people in the first quarter of this year.

Why it matters: As the number of homes for sale remains near all-time lows and monthly mortgage payments are near record highs, building more homes is one way to ease the affordability crisis.

Zoom out: Single-family and multifamily building permits are up from pre-pandemic in most U.S. metros, Redfin found.

Of note: Redfin defines "single-family" as buildings with one to four housing units and "multifamily" as buildings with five or more housing units.

Yes, but: "There still aren't enough homes to meet the pace of household creation, and we need to be more prepared when demand inevitably picks back up," said Redfin chief economist Daryl Fairweather.

The bottom line: Ramping up new home construction will help move the market toward balance, if only a little.

Salt Lake City is building as housing costs skyrocket

Salt Lake City cracks the top 20 when it comes to building new homes.

Illustration of a plywood house that is also an upward arrow. 

Housing

Salt Lake City cracks the top 20 when it comes to building new homes, per the latest <a class="gtmContentClick" data-vars-link-text="analysis" data-vars-click-url="https://www.redfin.com/news/metros-building-new-construction-Q1-2022/" data-vars-content-id="7601dfa5-7212-4261-980c-8638cd5beaee" data-vars-headline="Salt Lake City is building as housing costs skyrocket" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.redfin.com/news/metros-building-new-construction-Q1-2022/" target="_blank">analysis</a> by real estate company Redfin.What they found: Salt Lake City had 12.2 single-family building permits per 10,000 people in the first quarter of this year.

News

Escape the summer heat with these swimming spots, all listed on pool-sharing company Swimply.

How it works: It's like Airbnb for pools. Swimming pool owners rent out their spaces for chunks of time.

The pandemic came with a silver lining for Swimply, which is now betting the market for opening up private homes to leisure activities extends beyond shutdowns.

Kick back at this luxe pool overlooking the city, with plenty of room for dining.

Cost: $80 per hour for up to five guests ($5 per hour, per guest after five guests).

With cushioned patio furniture and lush greenery, this spot feels like a resort getaway.

Cost: $75 per hour for up to five guests ($10 per hour, per guest after five guests).

Host your next gathering at this suburban oasis, featuring a diving board and fire pit.

Cost: $45 per hour for up to 15 guests ($3 per hour, per guest after 15 guests).

Three budget-friendly private pools to rent near Salt Lake City

It's like Airbnb for pools. Swimming pool owners rent out their spaces for chunks of time.

Private Cedar Hills salt water pool. Photo courtesy of Swimply.com

Escape the summer heat with these swimming spots, all listed on pool-sharing company <a class="gtmContentClick" data-vars-link-text="Swimply" data-vars-click-url="https://swimply.com/" data-vars-content-id="7cf70e45-c1f8-4b99-a253-15bb49efd3df" data-vars-headline="Three budget-friendly private pools to rent near Salt Lake City" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://swimply.com/" target="_blank">Swimply</a>.How it works: It&#x27;s like Airbnb for pools. Swimming pool owners rent out their spaces for chunks of time.

Things to Do

There are plenty of places to get burgers — especially pastrami burgers — in Salt Lake City, but who stands out above the rest? 

Here are four terrific spots to get your fix. (Obviously, as a reader reminded us, fries and fry sauce are required.)

Reader Casey C's. thought bubble: Whereas Colorado boasts burgers pricey and thick, "Utah's version is more often eaten in a car after being picked up in a drive-thru, or soggily at home 20 minutes later." 

Why it stands out: Open since 1978, this local favorite is credited with popularizing the pastrami burger. The iconic Crown Burger is loaded with pastrami and garnished with thousand island dressing and lettuce and tomato.

Why it stands out: Dig into this casual eatery's Johnny Utah with turkey pastrami or get it "Proper Style" with caramelized onions, cheese and the house sauce. (Plus: They offer vegetarian and vegan options.)

Hours: Sunday-Thursday 11am–10pm and Friday-Saturday 11am–11pm.

hamburger with onions, cheese, veggies and house sauce 

Why it stands out: Intentional toppings elevate this fast food nosh — it's basically our trademark Smart Brevity in a burger.

Why it stands out: Making fry sauce famous is part of this classic chain's acclaim. Not to mention their iconic quarter-pound ground chuck burger.

4 great places to get burgers in Salt Lake City

Here are four terrific spots to get your fix but of course, fries and fry sauce are required.

Food

There are plenty of places to get burgers — especially pastrami burgers — in Salt Lake City, but who stands out above the rest? <ul><li>Here are four terrific spots to get your fix. (Obviously, as a reader reminded us, fries and fry sauce are required.)</li></ul>Reader Casey C&#x27;s. thought bubble: Whereas Colorado boasts burgers pricey and thick, &quot;Utah&#x27;s version is more often eaten in a car after being picked up in a drive-thru, or soggily at home 20 minutes later.&quot;

Food and Drink

With pending home sales dropping year over year, Salt Lake City's real estate market is showing early signs of slowing down. But, home prices are still up about 23% from May 2021.

Why it matters: We keep hearing about a market crash, but so far local data don't support that claim.

Yes, but: Monthly data show early signs of a cooler market, even if it's slight.

What's happening: From May 2021 to May 2022, pending sales were down 7.8%. 

More buyers are holding off as home ownership becomes too expensive. This comes after average mortgage rates surpassed 5% for the first time in 10 years.

More sellers are dropping their asking price. There was a 22 percentage point increase in price reductions year-over-year in June, according to Redfin.

Meanwhile, there was a 9.7 percentage point decrease in homes sold for over asking price, per Redfin.

Zoom out: Mortgage applications nationally were down 24%, and 6.5% of sellers on average dropped their asking price each week in June, per Redfin's latest market update.

In June, national pending home sales were down 13% from this time last year,  the largest decline since May 2020, according to Redfin's report. 

Be smart: Inventory overall is still critically low, which continues to push home prices up. 

What we're watching: New listings and pending sales. If more listings flood the market this summer and buyers don't bite, that's when we would start to see more power shift into buyers' hands.

Bottom line: We're not seeing major changes in Salt Lake City just yet, but we're starting to see early signs of a slowing market.

Salt Lake City's real estate market is slowing down, slightly

Inventory is still critically low overall which continues to push home prices up.

Illustration of a downward trend line over a house

With pending home sales dropping year over year, Salt Lake City&#x27;s real estate market is showing early signs of slowing down. But, home prices are <a class="gtmContentClick" data-vars-link-text="still up about 23%" data-vars-click-url="https://www.redfin.com/news/data-center/" data-vars-content-id="c2cfa727-d458-4718-9bfb-5aef1094baf2" data-vars-headline="Salt Lake City&#x27;s real estate market is slowing down, slightly" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.redfin.com/news/data-center/" target="_blank">still up about 23%</a> from May 2021.

Real Estate

Whether you're looking for a lush treehouse or a rugged cave, here are five Airbnb escapes, all within driving distance from Salt Lake City.

Available year-round, this dreamy abode offers spectacular views and a romantic adventure.

Features: Private deck, exercise equipment, apartment-style kitchen, heating system and oscillating fans.

Space: Two guests, one bedroom, one bathroom.

This secluded space is great for remote work (literally), featuring a suspended hammock floor and floor-t0-ceiling glass wall.

Features: Fast WiFi, full kitchen, private deck, swing chair, fireplace.

Space: Four guests, two bedrooms, 1.5 bathrooms.

Delight in the round door and arched interior of this modern cottage, tucked in a peaceful garden.

Features: Kitchenette, barbecue grill, yard games, eco-friendly waterless toilet.

Get off the grid in this private wing of a custom cave home blasted from a free-standing rock.

Features: Private earthen patio, mini-fridge and microwave plus shared kitchen, seasonal outdoor pool.

Space: Five guests, two bedrooms, one bathroom.

Built with local juniper trees and mud, this hogan couples traditional features with more modern amenities.

Features: Desert view, propane stove, antique ice box, phonograph.

5 cool Airbnbs within driving distance from Salt Lake City

If you're looking for a cool getaway from Salt Lake, you might want to stay in these Airbnbs.

Utah

Whether you&#x27;re looking for a lush treehouse or a rugged cave, here are five Airbnb escapes, all within driving distance from Salt Lake City.<h5>1. <a class="gtmContentClick" data-vars-link-text="The Treehouse" data-vars-click-url="https://www.airbnb.com/rooms/3635074?source_impression_id=p3_1653412694_ryyQc5f2%2Fwkh8e8l" data-vars-content-id="ccaca735-6192-408c-b762-3850b2545a68" data-vars-headline="5 cool Airbnbs within driving distance from Salt Lake City" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.airbnb.com/rooms/3635074?source_impression_id=p3_1653412694_ryyQc5f2%2Fwkh8e8l" target="_blank">The Treehouse</a></h5>

Sami Sparber

Featured stories

Salt Lake City's real estate market is slowing down, slightly

4 great places to get burgers in Salt Lake City

Three budget-friendly private pools to rent near Salt Lake City

Salt Lake City is building as housing costs skyrocket

5 cool Airbnbs within driving distance from Salt Lake City