Utah median housing price on the rise
The Utah Association of Realtors reports the median housing price in the Beehive state is going up again. After falling slightly due to spiking mortgage rates, the average price reached $500,000 in April.
The half-million-dollar median price in Utah is for all housing types – single-family homes, townhouses, and condominiums – and is 4.2% higher than April 2023.
The last time Utah's statewide median price was this high was in August 2022.
Jim Wood is a housing analyst at the Kem C. Gardner Policy Institute. He thinks the real estate market is adjusting to higher interest rates. He says demand for housing in Utah is expected to remain very strong.
Home prices in Utah vary by county. Housing is most expensive in Summit and Wasatch counties, where the median prices are over $1 million, according to the data.
Various Utah counties affected by June cold front
The National Weather Service issued a freeze warning for the Cache Valley and Wasatch Backcountry, including Heber City, Huntsville, Logan, Park City, and Smithfield for last night. Temperatures reached lows in the 30 degrees range overnight.
The cold front also caused the wind to pick up across the state on Monday. Wind gusts of 73 mph were recorded in Wendover, and gusts between 50 mph and 60 mph were recorded throughout other parts of the state. The weather service issued high wind warnings for the Utah and Tooele valleys and the West Desert.
Strong winds caused trees to break and power outages. Rocky Mountain Power listed over 6,500 outages across Salt Lake and Utah counties on its website by late Monday afternoon. This morning there are a reported 400 homes in Utah County without power.
As for the rest of the week, high temperatures may only top out in the upper 60s and lower 70s across the Wasatch Front and northern Utah on Tuesday, but the cooldown won't last long. High temperatures could return to the mid-80s on Wednesday and upper 90s by the weekend
