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Utah sees nation's 3rd biggest home price increase, study shows

Posted at 3:41 PM, Feb 26, 2021
and last updated 2021-02-26 20:00:10-05

SALT LAKE CITY — Few investments have paid off like a house in Utah.

A house purchased in Utah for $300,000 in 2019 is likely worth $346,000 today. The state's home prices jumped 15.4% from the fourth quarter of 2019 to the fourth quarter of 2020.

Those who bought a house in the Salt Lake metro area for $300,000 in 2007 have seen the same home likely valued at $514,000 today. Salt Lake area home prices increased 71.3% from 2007 to 2020.

Says who? The Federal Housing Finance Agency (FHFA) which publishes the House Price Index four times a year.

"The largest gains were in Idaho, Montana, Utah, Arizona and Connecticut," said Lynn Fisher, Deputy Director of the FHFA.

The FHFA tracking shows the Rocky Mountain region of the U.S. has led their index for the last 13 quarters, according to Fisher, adding that home values have largely increased because of people moving from the west coast.