Utah's housing costs keep climbing
Utah home prices show no signs of slowing, despite mortgage rates hovering near 7%, per the latest data from the Federal Housing Finance Agency.
Why it matters: That's good news if you own your home, and tough if you're a would-be buyer.
Zoom in: Home prices in the Salt Lake metro have seen a 5.4% year-over-year increase and have risen 2.2% since the last quarter, per FHFA. Statewide, homes saw a nearly 6% increase since this time last year.
Homes in Salt Lake City in April sold for a median price of $575,000, per Redfin.
State of play: Home buying power in the area decreased by about 60% from 1970 to 2022, per Axios' Rahul Mukherjee's analysis of a new RealtyHop study.
Homebuying power is the ratio of annual income versus the average house price in 1970 (when boomers started buying starter homes) compared to 2022.
The big picture: Low housing inventory is contributing to the high prices, said FHFA's Anju Vajja, in a statement.
You can thank rate lock for that.
Between the lines: A legislative audit last year said Utah needed to build about 28,000 new housing units a year to keep pace with the state's growing population trends, according to Utah News Dispatch.