Real Estate

Erin Alberty
Aug 16, 2022 - News

Salt Lake incomes rise but aren't keeping up with housing prices

Data: Redfin analysis of HMDA data; Chart: Skye Witley/Axios

Salt Lake homebuyers make more money than they did before the pandemic.

Yes, but: It's still not enough to cover the rise in home prices.

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

Illustration of a downward trend line over a house
Illustration: Rebecca Zisser/Axios

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.

Utah leaders name The Point's developer partner

A proposed render of The Point in Draper.
Courtesy of The Point of the Mountain State Land Authority.

Utah leaders revealed the developer partner Tuesday for The Point, the 600 acres of state-owned land in Draper where the Utah State Prison has sat since the 1950s.

  • The Point of the Mountain State Land Authority chose the development group Lincoln-Colmena-Wadsworth to lead the first phase of the project's development.

Salt Lake City home sellers drop asking prices

Illustration: Lindsey Bailey/Axios

More than twice as many home sellers in Salt Lake City dropped their asking prices in May 2022 compared to last year, according to an analysis by Redfin released in late June.

Details: Housing experts say it's largely due to the rise in interest rates.

Take a look at Utah's most expensive house

Two staircases wrap around a grand entryway, with a chandelier hanging from the ceiling.

Home prices have risen sharply here, but one house tops them all.

By the numbers: At $48 million, this 17,495-square-footer in Utah County's Hobble Creek Canyon is the most expensive house in the state.

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