HOUSING + HOMELESSNESS

Home prices still rising in the Beehive State

Jun 3, 2024, 10:00 AM | Updated: Jun 6, 2024, 3:16 pm

New homes in the Cold Spring Ranch community are pictured in Lehi on March 28. Utah home prices are...

New homes in the Cold Spring Ranch community are pictured in Lehi on March 28. Utah home prices are showing no signs of slowing, with an almost 6% increase since 2023. Should these numbers scare you? (Laura Seitz, Deseret News)

(Laura Seitz, Deseret News)

SALT LAKE CITY — Utah’s rapidly rising home prices show no signs of slowing. 

The Federal Housing Finance Agency said home prices in Utah increased almost 6% since last year. In the Salt Lake metro area, the year-over-year increase was 5.4%.

Deanna Devey with the Utah Realtors Association said people shouldn’t focus on the price increases. Rather, they should focus on the long-term value of a home. 

“When someone gets into a home, it’s really an investment in their future,” Devey said. “They can build equity over time.”

She said that the numbers from the FHFA shouldn’t scare potential homebuyers. 

“Don’t let the numbers scare you,” said Devey. “Go and talk to a realtor and see what the housing situation looks like for your own situation. Because you might be able to get into homeownership sooner than you think.”

Rising home prices erode affordability

Devey said she hopes the prices don’t increase too quickly. Quick increases will erode affordability. 

“It’s nice to have a nice steady, stable, (and) manageable increase over time to help homeowners build wealth but keep homeownership available to those who aren’t homeowners yet,” she said.

FHFA attributes the rising home prices to a low inventory of homes.

Tammy Kikuchi is a reporter and anchor for KSL NewsRadio.

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Home prices still rising in the Beehive State