In Utah, Finding Affordable Homes Difficult Amid Shrinking Inventory

Apr 11, 2017

Prospective home-buyers in northern Utah are struggling amid a shortage of affordable housing in a situation that mirrors a nationwide trend.

Data compiled by The Associated Press from real estate websites shows that Salt Lake City's housing inventory plummeted nearly 70 percent from 2012 to 2017.

About 1,100 homes are for sale each month this year — down from nearly 3,600 in 2012.

The average starter home in Salt Lake City is selling for nearly $180,000 this year. That's up from $114,000 in 2012.

The national supply of homes is lower now than in nearly 20 years. The steepest drop in supply has occurred among homes that are typically most affordable for first-time buyers and in markets where prices have risen sharply.