Home prices in Salt Lake City harbinger of a national trend?

Sep 23, 2022, 2:00 PM


The Park City or Summit County homes on Zillow may not actually be for sale. File Photo: Daniel Acker/Bloomberg/Getty

SALT LAKE CITY — One of the reasons that the U.S. Federal Reserve raised a lending rate by three-quarters of a point this week was to correct an overpriced housing market, a home price “correction” that is already underway in Salt Lake City.

“What we need to do is get rates up to the point where we’re putting meaningful downward pressure on inflation,” said U.S. Federal Reserve chief Jerome Powell on Wednesday. CBS News reported it was the fifth increase this year and the third consecutive increase of 0.75%.

Market analysts say home prices have already dipped in Utah. A report from Zillow shows Salt Lake City home values fell more than 7% from May to August, 2022.

The new Zillow data also shows that western home markets that spiked earlier than the rest of the country, like Boise, Idaho, are also starting to calm down.

Economists say it should only be a matter of time before the rest of the country catches up with Utah’s housing market correction

The interest on money borrowed for a home, now around 6.25%, is the highest the rate has been since 2008.

Simone Seikaly contributed to this report.




We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Salt Lake City

Image of the newest version of the Salt Lake Main Library....

Samantha Herrera

Salt Lake City’s Main Library: 125 years of history

The Salt Lake City Main Library is 125 years old, technically. It took 105 years to become the building it is now.

8 hours ago

Post Malone signed guitar to raise money for Utah Honor Flight. (KSL TV)...

Alex Cabrero, KSL-TV

Post Malone offers ‘Something Real’ in signed guitar to raise money for Utah Honor Flight

Post Malone signed a guitar that is now up for auction. Funds raised for the Utah Honor Flight which brings veterans to Washington D.C.

11 hours ago

SALT LAKE CITY -- The Salt Lake City Police Department arrested a man after he threatened people wi...

Clayre Scott

Police arrest man for threatening others with a large drill bit

The Salt Lake City Police Department arrested a man after he ran towards people with a drill bit. 

6 days ago

A viewing tower is pictured by the ski jumps at the Utah Olympic Park, which was built for the Salt...

Associated Press

Olympic committee gives Salt Lake City official go-ahead as bidder for future Winter Games

Salt Lake City received the endorsement of the U.S. Olympic and Paralympic Committee as the country's bid winner host the Winter Games in either 2030 or 2034.

8 days ago

Salt Lake Mayor Erin Mendenhall speaks at a mayoral candidate forum on housing and homelessness on ...

Ashley Fredde,

Salt Lake City mayoral candidates face outbursts in forum about homelessness, housing

Homelessness and housing affordability have emerged as key issues in local elections across the West, with Salt Lake City being no exception.

14 days ago

A vehicle caught on fire in the parking lot of Granite Medical Clinic on Thursday afternoon. The fi...

Mark Jones

Fire destroys two vehicles in parking lot at Granger Medical Clinic

Two vehicles were destroyed following a fire Thursday afternoon in the parking lot of Granger Medical Clinic. The fire was contained to the two vehicles and no injuries were reported.

15 days ago

Sponsored Articles

silhouette of a family looking over a lake with a bird in the top corner flying...

Bear Lake Convention and Visitors Bureau

8 Fun Activities To Do in Bear Lake Without Getting in the Water

Bear Lake offers plenty of activities for the whole family to enjoy without having to get in the water. Catch 8 of our favorite activities.

Wellsville Mountains in the spring with a pond in the foreground...

Wasatch Property Management

Advantages of Renting Over Owning a Home

Renting allows you to enjoy luxury amenities and low maintenance without the long-term commitment and responsibilities of owning a home.

Clouds over a red rock vista in Hurricane, Utah...

Wasatch Property Management

Why Southern Utah is a Retirement Paradise

Retirement in southern Utah offers plenty of cultural and recreational opportunities. Find out all that this region has to offer.

Human hand holding a protest banner stop vaping message over a crowded street background....

Prosperous Utah Communities

Utah’s Battle to Protect Youth from Vaping Epidemic Faces New Threat as Proposed Rule Threatens Progress

Utah's strict standards of nicotine levels in vaping products are at risk, increasing health hazards associated with use. Read more about how you can advocate for a better future for Utah's youth.

Aerial photo of Bear Lake shoreline with canopies and people camped out on the beach...

Visit Bear Lake

Last-Minute Summer Vacation Planning? Check Out Bear Lake!

Bear Lake is the perfect getaway if you are last-minute summer vacation planning. Enjoy activities with your whole family at this iconic lake.

close up of rose marvel saliva blooms in purple...

Shannon Cavalero

Drought Tolerant Perennials for Utah

The best drought tolerant plants for Utah can handle high elevations, alkaline soils, excessive exposure to wind, and use of secondary water.

Home prices in Salt Lake City harbinger of a national trend?