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Utah home prices hit record high... again

Pending Home Sales
Posted at 11:04 AM, Jul 14, 2021
and last updated 2021-07-14 17:06:59-04

SALT LAKE CITY — In what has become a broken record over the past year, Utah has set a new record high for home prices in the state.

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The Utah Association of Realtors reports the median price of homes increased more than 30% in June, rising to a record $450,000. That number has gone up by $105,000 since the same time in 2020.

Utah home sale prices have now increased each month for 111 consecutive months.

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The reason for the never-ending increase in home prices remains the lack of houses available for sale. Inventory at the end of June was down 53% compared to June 2020, and Utah realtors now have just over a one month supply of homes to sell when six months are needed for a proper balance between buyers and sellers.

“The number of active listings remains significantly below what is needed to keep up with buyer demand and protect housing affordability,” said Caro Norton, president of the Utah Association of Realtors.

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The homes that are up for sale in the state don't stay for long as the average days on market has tied a record low of 18 days.

While the housing market is bleak for buyers, the organization says sellers are receiving an average of 103.5% of the original list price of their homes.