The pandemic years were the wildest ever for Utah's housing market
This story is part of The Salt Lake Tribune’s ongoing commitment to identify solutions to Utah’s biggest challenges through the work of the Innovation Lab.If Utah’s gyrating housing market over the last two years felt like the Earth shifting underfoot, you can blame the pandemic.
In stark data points, the latest “State of the State’s Housing Market, 2022-2024″ by the University of Utah’s Gardner Policy Institute portrays an historic and exceptional aftermath from the Federal Reserve’s nine-month spate of interest hikes that pushed mortgage rates to as high as 6.5%. But Gardner’s experts say this only appears to be a one-year stutter in home price increases and that 2024 will see prices resume their climb.For those enduring the effects of Utah’s housing affordability pinch right now, though, this latest price dip is unlikely, according to the new study, to make much difference for the average would-be buyer.
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