Median price of Utah homes sold increased 30% in June
SANDY — A lack of houses for sale is pushing Utah home prices to new highs.
The Utah Association of REALTORS® released its June Monthly Market Indicators report today showing the median price of Utah homes sold increased more than 30% in June to a new record of $450,000.
That’s an increase of $105,000 from the June 2020 median of $345,000. It is also the 111th consecutive month of year-over-year median sales price increases.
“The reason for the skyrocketing home prices is not having enough homes for sale,” said Caro Norton, president of the Utah Association of REALTORS®. “The number of active listings remains significantly below what is needed to keep up with buyer demand and protect housing affordability.”
- Inventory at the end of June was down about 53% compared to last June. At the end of June, there were 5,369 homes for sale. This is a record low for this time of year. (This data dates back to 2003.)
- At the end of June, we had 1.1 months of supply. This is significantly below the six months of supply needed for the market to be balanced between buyers and sellers.
- Utah home sales are down about 10% compared to June 2020, but higher than June 2019. Year-over-year sales are down because of timing issues related to the pandemic.
- Our statewide average days on market has tied the record low of 18 days. (This data dates back to 2006.)
- Sellers are receiving an average of 103.5% of original list price. That means the average seller is getting more for their home than their asking price.
- At the end of June, a Utah family making the median household income only had 85% of the income needed to purchase the median-priced home at prevailing interest rates.
The Utah Association of REALTORS® is the state-level membership organization for REALTORS® in Utah. More information about the Association is available at UtahRealtors.com. The report data comes from the following multiple listing services:
- Park City Multiple Listing Service
- Iron County Multiple Listing Service
- Washington County Multiple Listing Service