Utah housing markets see their wildest two years since the Great Recession

Pandemic produces unprecedented swings on prices and new construction, says new report, ‘State of the State’s Housing Market, 2022-2024.’

A 10-year homebuilding spree and real estate boom that in many ways shaped Utah’s national image came to a crashing end last year, according to a new in-depth statistical analysis of residential markets. Home prices in the state look to have peaked in February 2022 after ramping up a staggering 28.2% the prior twelve months. Median prices then slowed and turned negative in January compared to the year before, but by July that gap had closed to just 2% — although home sales for the year are now expected to hit a nine-year low.

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