Brook Schaefermeyer - Real Estate

The market is gaining momentum. Homes listed and home sales have increased year over year.

The 2023 Utah Housing Market through the Rearview Mirror

"It's a really uncomfortable year," says Dejan Eskic, researcher at the University of Utah's Kem C. Gardner Policy Institute. "It's been such a volatile market and I feel like everybody feels this way nationally."

1. Utah's 10-year homebuilding and real estate boom came to an abrupt end in 2022.
2. Interest rates are giving homebuilder's whiplash.
3. Utah's housing shortage is likely to increase by 2024.
4. Housing price increases peaked in 2022, then slowed and declined in 2023.
5. The price correction was inevitable, but modest.
6. Despite dip in housing prices, affordability continues to block homeownership opportunities.
7. Housing prices in Utah increased by a striking 72% since the first quarter of 2018.

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