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More people are buying houses even as Utah home prices skyrocket

Homes for sale in Utah (PHOTO: KSL TV)

SALT LAKE CITY — Despite the surge in Utah home prices, more buyers than ever completed their purchases in March 2021. The state’s median home price reached a record high of $405,000 in March, which is nearly a 20% increase from the year before, according to data compiled by the Utah Association of Realtors.

“The home prices continue to rise pretty rapidly,” said Matt Ulrich, president of the Salt Lake Board of Realtors. “Condos and townhomes were up 17%. They went from $339,000 median sales price up to $395,000. We’re seeing an increase in the multi-families — we’re seeing a lot of those being sold.”

More people buying homes despite surge in Utah home prices 

Despite the rise in price, a record number of Utahns completed their purchases in March: 4,390 homes. That’s the highest number of homes sold in March since the association began recording sales in 2003. 

Although new homebuilders are working to add homes to the market, many say the supply chain and rising construction prices are throwing a wrench in their plans. As a result, several new home buyers are out-competed by other buyers. 

That’s because for any one house, their may be several dozen buyers looking to make an offer. 

“You may have to put offers on 30 homes, or something, if you’re in that lower price bracket,” Dave Robison, the owner of goBE Realty, told KSL.com. “That’s probably the hardest conversation to have is to tell someone, ‘Guess what? You can’t afford a home now.'”