2,953 SUCCESSFUL SALES IN 2024 15 LOCATIONS ACROSS UTAH $2.4M DONATED TO UTAH NON-PROFITS SINCE 2010 275+
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In real estate, there is a difference between promises and performance. While many brokerages rely on one-size-fits-all systems that serve their model first, Summit Sotheby’s International Realty takes a different approach. We believe in empowering our advisors through personalized strategies, unmatched resources and a culture of excellence. When you join Summit Sotheby’s International Realty, you don’t just get a brokerage, you gain the backing of over 80 in-house experts in marketing, photography, videography, operations, transaction management and accounting. We’re here to support your business, protect your clients and elevate your success.
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REALTOR
President Claire Larson Woodside Homes of Utah LLC
First Vice President
J. Scott Colemere Colemere Realty Assoc.
Second Vice President Morelza Boratzuk
RealtyPath (South Valley)
Treasurer
Jenni Barber Berkshire Hathaway (North SL)
Past President
Dawn Stevens
Real Broker, LLC (Canyons Luxury)
CEO Curtis Bullock
DIRECTORS
Jodie Osofsky
Summit Sotheby's Int'l Realty
Janice Smith
CB Realty (Union Heights)
Eric Santistevan Engel & Volkers (Holladay)
Kristel Gough Summit Sotheby's (Draper)
Lori Khodadad
CB Realty (Union Heights)
Kim Farber Eleven11 Real Estate LLC
Russ Orchard Century 21 Everest
Donna Pozzuoli BHHS UP (N. Salt Lake)
Mo Aller Equity RE (Advantage)
Linda Mascher Realtypath LLC (Advisors)
Sheri Linn Ramsay Real Broker, LLC
Advertising information may be obtained by calling (801) 467-9419 or by visiting www.millspub.com
Managing Editor Dave Anderton
Publisher Mills Publishing, Inc. www.millspub.com
President Dan Miller
Office Administrator Cynthia Bell Snow
Art Director Jackie Medina
Graphic Design
Ken Magleby Patrick Witmer Sales Staff Paula Bell Dan Miller
Salt Lake Board: (801) 542-8840 e-mail: dave@slrealtors.com Web Site: www.slrealtors.com
race, color, religion, sex, handicap, familial status, or national origin.
The Salt Lake REALTOR® is the monthly magazine of the Salt Lake Board of REALTORS®. Opinions expressed by writers and persons quoted in articles are their own and do not necessarily reflect positions of the Salt Lake Board of REALTORS®
Permission will be granted in most cases, upon written request, to reprint or reproduce articles and photographs in this issue, provided proper credit is given to The Salt Lake REALTOR , as well as to any writers and photographers whose names appear with the articles and photographs. While unsolicited original manuscripts and photographs related to the real estate profession are welcome, no payment is made for their use in the publication.
Views and opinions expressed in the editorial and advertising content of the The Salt Lake REALTOR® are not necessarily endorsed by the Salt Lake Board of REALTORS®. However, advertisers do make publication of this magazine possible, so consideration of products and services listed is greatly appreciated.
What Will You Do Today That Your Future Self Will Thank You For?
This year, serving as president of the Salt Lake Board has been one of the great joys of my life. I’ve had the chance to meet so many of our members, and to share stories, laughter, and yes, even tears. Both laughter and tears create connection, and connection creates joy.
When we read about longevity, the advice is familiar: eat well, get enough sleep, move your body, don’t smoke. But research suggests that one of the strongest predictors of a long and fulfilling life is often less about perfect habits and more about the quality of our relationships. The Harvard Study of Adult Development has followed people for decades and consistently points to close, supportive relationships as a key driver of both happiness and health. – Harvard Gazette
And that brings me to something else that matters: courage. Not reckless risk. Not impulse. But the willingness to step outside our comfort zones in thoughtful, intentional ways.
In business, the principle is simple: greater upside typically requires accepting some level of risk, and the goal is to take risks that are calculated, not careless. Even outside investing, research in entrepreneurship suggests the “sweet spot” isn’t extreme risk-taking. Outcomes tend to be strongest when people take measured, well-judged risks rather than none at all (or too much).
So, when was the last time you felt both excited and a little scared about an opportunity?
That feeling might come from something small, like trying a new restaurant or ordering something you’ve never had before. Or it might come from something bigger, like pursuing your broker’s license, serving on a committee, running for office, signing up for a marathon, or saying “yes” to a leadership opportunity.
Growth lives outside our comfort zone. And it’s often in that growth that we find renewed purpose.
Running for the Salt Lake Board of Directors was outside my comfort zone. Running for a leadership role was even more so. But looking back, it’s been one of the most rewarding experiences of my life. The connections, friendships, and shared moments have been a true blessing.
The people we surround ourselves with, the ones we laugh and cry with, are the real secret to joy and longevity. I’m deeply grateful to you for reading these newsletters each month, sharing your thoughts, and bringing so much joy into my life.
As we close out this year, I’m looking forward to the new experiences and opportunities ahead for all of us.
So today, I’m asking myself (and you): What can I do today that my future self will thank me for?
Thank you for allowing me to share faith, hope, love, gratitude, and JOY. May your holidays be filled with JOY, and here’s to a bright and beautiful 2026.
Claire Larson President
REALTOR
Happenings
New Hall of Fame Investors for 2025
The Salt Lake Board of Realtors® congratulates Jared Booth, Sheridyn Cannon, Amy Gibbons, Lisa Jungemann, and Susie Martindale on each achieving $25,000 in lifetime giving to the Realtors® Political Action Committee (RPAC). Reaching the $25,000 level qualifies an investor for the RPAC Hall of Fame and recognition by the National Association of Realtors®. Real estate is shaped every day by public policy — taxes, housing, zoning, property rights, lending rules, and more. RPAC is one of the key ways Realtors® support candidates who understand these issues and will help protect homeownership and the real estate industry.
HOA Ombudsman Speaks to Realtors®
Erin Rider, director of Utah’s newly created Office of the Homeowners’ Association Ombudsman, recently spoke to the Government Affairs Committee. The office’s mission is to strengthen trust between Utah homeowners and HOAs through education, guidance, and impartial dispute resolution. Rider, a Utah attorney, said cities are struggling to keep pace with rapid growth. As a result, developers are often responsible for building the infrastructure for new communities, which is then placed under HOA oversight. “HOAs touch on every aspect of the housing industry,” Rider said. “We are seeing a proliferation of HOAs across the state. Eighty percent of new communities across the state and country are HOAs.” Rider also shared early case stories—ranging from a proposed $314,000 shortterm rental fine to chicken rule changes during developer control, trailer-parking disputes, and a longstanding hot tub compliance issue— to show how misunderstandings, inconsistent statutes, and even overreliance on AI-generated legal advice can escalate conflicts.
In the News
More Homes on the Market
Thanksgiving brought a welcome side dish for house hunters: more choice. Realtor.com’s Weekly Housing Trends report found that active inventory rose 11.7% year over year, even as new listings dipped 3.8% during the holiday week, a seasonal lull that still leaves 2025 new listings up 5.6% year to date. With more homes sitting on the market and more sellers cutting prices, momentum is tilting toward buyers after years of seller dominance.
That shift is also showing up in pricing. The median list price slipped 0.2% from a year ago, while price per square foot fell 1% year over year, the 13th straight weekly decline after nearly two years of gains. Homes are taking longer to move too, lingering two days longer on the market than last year. Senior economist Joel Berner notes that inventory is building not because sellers are flooding the market, but because sales are sluggish and homes are taking longer to sell.
Mortgage rates are easing but still heavy. Freddie Mac put the average 30-year fixed rate at 6.19% for the week ending Dec. 4, and Berner argues that, compared with the ultra-low-rate era still fresh in buyers’ minds, today’s financing costs can feel like a deal-breaker.
Even so, there are bright spots: new-construction may be more attainable than many assume, as builders use incentives to attract buyers.
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CONGRATULATIONS SERVICE AWARD
DISTINGUISHED RECIPIENTS
HONORED BY THE UTAH CENTRAL ASSOCIATION OF REALTORS
Skyler Beltran Erica Brown Kristy Dimmick Liesha Geddes
Michael Rowe, Realtor of the Year
Marjie McDermott , Cecil Thompson Advocacy Award
Kristy Dimmick, President Utah Central Association of Realtors
2025 SERVICE AWARDS
REALTOR® OF THE YEAR
Michael Rowe
Coldwell Banker Realty
Since launching his real estate career in 2002, Michael Rowe has been a steady, influential presence in Utah’s housing profession. He earned the Rookie of the Year award early on and followed with two decades of consistent success. For nearly 20 years, he’s been a top-performing agent at one of the largest brokerages in the state.
Today, Michael serves as the managing broker for Coldwell Banker Realty Utah, where he leads 175 agents.
Michael’s impact extends far beyond his production numbers. His leadership style, the loyalty he inspires, and the community he has built are hallmarks of his career, said Hannah Cutler, regional vice president of Coldwell Banker. “Michael believes in service and standing up for our profession and the value of the Realtor ®,” she said. “Early in his career, Michael built a strong reputation for being a champion of our industry. His high standards and professionalism have enabled him to engage in true collaboration across our market—regardless of company or brokerage—even in
He brings deep expertise in property management and income-producing real estate. His background in investment analysis, valuations, and marketing has made him a trusted resource for agents and investors seeking guidance on evaluating, acquiring, managing, and selling investment property.
In 2008, Michael launched Utah’s first Young Professionals Network (YPN) for Realtors® and later served as both chair and vice chair. He also contributed to committees focused on Grievance and Professional Standards. His service expanded further in 2011 when he was elected to the Board of Directors for the Salt Lake Board of Realtors®, representing nearly 10,000 members. He also served as a director for the Utah Association of Realtors®.
Troy Peterson, 2017 president of the Salt Lake Board of Realtors®, has known Michael for more than 15 years. “He is one of the best brokers to deal with,” Peterson said. “He loves training Realtors®, mentoring, and problem solving. He wants the industry to have a good reputation. His professionalism is outstanding.”
Outside of real estate, Michael enjoys riding motorcycles, tailgating, snowboarding, mountain biking, camping, going to concerts, and cheering on the University of Utah. Michael is also deeply committed to giving back. Eight years ago, after the tragic loss of a close friend, he helped establish—and has continued to champion—the Taylor Hagen Memorial Foundation, which raises awareness and provides resources for families grieving a loved one lost to suicide.
Ariana Shea Speirs, Michael’s girlfriend, met him at a Taylor Hagen gala in 2021. Soon after, Ariana lost one of her sons to suicide. “Michael is a fiercely loyal human being. He cares so deeply for the people around him. He has never had kids of his own but is more of a father to my kids than their biological father has been.” Michael’s willingness to show up when people need him, to have the hard conversations, and to offer steady, genuine care has left a lasting impact on countless lives. He may hide his heart behind a quick joke, but those who know him see how generous and genuine he truly is. He’s one of the good ones—and everyone who knows him feels lucky to call him a friend.
GOOD NEIGHBOR AWARD
Elissa Tran
All American Realty
From a young age, Elissa Tran learned what it meant to lift others. Her mother ran a nonprofit serving people experiencing homelessness, and that example shaped the way Elissa shows up in her community today.
This year, she brought that same spirit of service to the Salt Lake Board of Realtors® as chair of the Charity Committee. Rather than choosing just one initiative, Elissa broadened the committee’s reach. Under her leadership, the Charity Committee contributed time and resources to at least two organizations every month.
She understood how many local organizations needed support and made it a priority to reach as many as possible. The committee partnered with a wide range of causes, including Friends of the Children’s Justice Center, Giving Grinch, Utah Foster Care, Turtle Shelter Project, Lasagna Love, Utah Food Bank, Family Promise, ARUP Blood Drive, Adaptive Arena, the Granite and Jordan Education Foundations, and Festival of Trees. The committee also continued awarding American Dream Grants to first-time homebuyers.
Alongside her committee service, Elissa also serves on the Executive Board for the Festival of Trees. For more than five decades, Festival of Trees has been a beloved Utah tradition, where creativity and compassion unite to support Intermountain Health Primary Children’s Hospital. Community members design and decorate more than 500 trees, which are displayed at the Mountain America Expo Center and purchased by individuals and businesses. Some trees sell for as much as $28,000. All proceeds benefit Primary Children’s Hospital, providing critical care for children facing cancer and other serious illnesses. Last year alone, the Festival raised $3.5 million. “Service takes all forms: time, resources, creativity, heart, and sometimes simply a willingness to raise your hand,” she added. “When we each give what we can, our impact grows beyond anything we could accomplish alone.”
AFFILIATE OF THE YEAR
Kennedy Strong
Ohana Title
With a strong background in real estate, sales, and customer service, Kennedy Strong brings a personal and knowledgeable touch to every transaction. As the client relationship manager at Ohana Title, she guides clients through the title process with clarity, care, and confidence.
Before joining Ohana, Kennedy worked in the home-warranty world, where she built a reputation for being highly involved, outgoing, and a true asset to the real estate community. She joined Ohana Title in January 2023 and has quickly become an essential part of the team. Terrie Lund, founder of Ohana Title, shared, “She believes in giving back to her clients and community. She always wants to do more and better herself. She works from the heart.”
Kennedy has served on the Charity Committee, Young Professionals Network, and regularly takes part in Real-Tours.
A s a single m om , she p ou r s her energy into g ivi ng h er s on the bes t life po ssibl e while still showing up for her clients and c ol -l eagues every single day. During the government shutdown, she even launched her own small food pa ntry to help f am ili es in need in the West Jordan area—a perfect example of her compassion in action. Kennedy Strong is a remarkable representative of the affiliate community and a deserving recipient of th e A ffiliate of t he Year aw ard.
2025 SERVICE AWARDS
CECIL THOMPSON ADVOCACY AWARD
CECIL THOMPSON ADVOCACY AWARD
Marjorie McDermott
Marjorie McDermott
Coldwell Banker Realty
Coldwell Banker Realty
The Cecil B. Thompson Advocacy Award was created in 2019 by the Salt Lake Board of Realtors® to honor the legacy of Cecil Thompson, a dedicated champion of Government Affairs and the Realtors® Political Action Committee (RPAC). Each year, the award recognizes a Realtor® who demonstrates exceptional service to their community and strong commitment to the Realtor® Party.
The Cecil B. Thompson Advocacy Award was created in 2019 by the Salt Lake Board of Realtors® to honor the legacy of Cecil Thompson, a dedicated champion of Government Affairs and the Realtors® Political Action Committee (RPAC). Each year, the award recognizes a Realtor® who demonstrates exceptional service to their community and strong commitment to the Realtor® Party.
This year’s honoree, Marjorie “Marjie” McDermott, embodies those qualities. Known for her warmth, steady dedication, and genuine care for others, Marjie has been a driving force in advocacy and community engagement. She currently serves as chair of the Board’s Government Affairs/RPAC Committee and actively supports housing-related initiatives through the Coldwell Banker Foundation.
This year’s honoree, Marjorie “Marjie” McDermott, embodies those qualities. Known for her warmth, steady dedication, and genuine care for others, Marjie has been a driving force in advocacy and community engagement. She currently serves as chair of the Board’s Government Affairs/RPAC Committee and actively supports housing-related initiatives through the Coldwell Banker Foundation.
Marjie has invested countless hours leading meetings, interviewing candidates for local elections, raising funds for RPAC, and showing up at city meetings and community events—all while running a successful business, contributing to her company’s charity committee, caring for her family, and overseeing a major home remodel. “Marjie gives her all when she makes a commitment,” said Lori Khodadad, a Realtor® with Coldwell Banker. “I’m in awe of her and grateful to call her my friend.”
Marjie has invested countless hours leading meetings, interviewing candidates for local elections, raising funds for RPAC, and showing up at city meetings and community events—all while running a successful business, contributing to her company’s charity committee, caring for her family, and overseeing a major home remodel. “Marjie gives her all when she makes a commitment,” said Lori Khodadad, a Realtor® with Coldwell Banker. “I’m in awe of her and grateful to call her my friend.”
Marjie pairs her commitment to housing advocacy with genuine care for the people around her. Matt Clewett, the Board’s Vice President of Public Policy, said she’s admired throughout the association for her compassion, integrity, and her enthusiasm for serving others.
“Marjie has devoted countless hours making calls to RPAC major investors, fundraising, and helping organize our events,” added Marcus Jessop, The Board’s government affairs director. “She also played a key role in coordinating and interviewing 69 candidates for public office about their positions on housing. She is a tremendous asset to our association.”
Marjie pairs her commitment to housing advocacy with genuine care for the people around her. Matt Clewett, the Board’s Vice President of Public Policy, said she’s admired throughout the association for her compassion, integrity, and her enthusiasm for serving others. “Marjie has devoted countless hours making calls to RPAC major investors, fundraising, and helping organize our events,” added Marcus Jessop, The Board’s government affairs director. “She also played a key role in coordinating and interviewing 69 candidates for public office about their positions on housing. She is a tremendous asset to our association.”
PRESIDENT’S AWARD
PRESIDENT’S AWARD
Lynn Anderson
Lynn Anderson
Salt Lake Board of Realtors®
Salt Lake Board of Realtors®
Each year, the president of the Salt Lake Board of Realtors® selects one individual to receive the President’s Award. This year, the honor goes to Lynn Anderson, accounting manager for the Board. Lynn has been with the association since 2011, after previously working for the Tooele Board of Realtors®.
Each year, the president of the Salt Lake Board of Realtors® selects one individual to receive the President’s Award. This year, the honor goes to Lynn Anderson, accounting manager for the Board. Lynn has been with the association since 2011, after previously working for the Tooele Board of Realtors®.
“Lynn is the hardest-working employee at the Board. Not only does she keep Marcus, Dave, and me in line, but she also wears the hats of accounts manager, benefits coordinator, in-house therapist, and dog sitter,” said Kelley Wright, director of operations. “Lynn has a wonderful sense of humor and is rarely found with empty chairs in her office because the staff always want to visit with her.”
“Lynn is the hardest-working employee at the Board. Not only does she keep Marcus, Dave, and me in line, but she also wears the hats of accounts manager, benefits coordinator, in-house therapist, and dog sitter,” said Kelley Wright, director of operations. “Lynn has a wonderful sense of humor and is rarely found with empty chairs in her office because the staff always want to visit with her.”
She’s often the first one to arrive in the office in the morning, commuting from Grantsville to Sandy, said Curtis Bullock, CEO of the Salt Lake Board of Realtors®. “Her commitment and expertise make her a valuable employee,” he said.
She’s often the first one to arrive in the office in the morning, commuting from Grantsville to Sandy, said Curtis Bullock, CEO of the Salt Lake Board of Realtors®. “Her commitment and expertise make her a valuable employee,” he said.
Lynn’s husband, Jay—her partner of 44 years—said Lynn simply likes to do things the right way. “She makes sure everything is in its proper place,” he said. “Lynn is also a people person. If somebody needs help, she’s there for them.”
Lynn’s husband, Jay—her partner of 44 years—said Lynn simply likes to do things the right way. “She makes sure everything is in its proper place,” he said. “Lynn is also a people person. If somebody needs help, she’s there for them.”
Lynn has faced more than her share of challenges yet shows a resilience and strength that stands out. Through every hardship, Lynn has found purpose in lifting others and serving wherever she can.
Lynn has faced more than her share of challenges yet shows a resilience and strength that stands out. Through every hardship, Lynn has found purpose in lifting others and serving wherever she can.
When she’s not at work, Lynn enjoys woodworking and building furniture, tackling remodeling projects, and caring for her three dogs, rabbits, chickens, and ducks. In another life, she once dreamed of becoming a veterinarian.
When she’s not at work, Lynn enjoys woodworking and building furniture, tackling remodeling projects, and caring for her three dogs, rabbits, chickens, and ducks. In another life, she once dreamed of becoming a veterinarian.
DISTINGUISHED SERVICE
2025 DISTINGUISHED SERVICE AWARD
Har Har !
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2025 DISTINGUISHED SERVICE AWARD
Angie
Lana Ames
Juan Magaña
Connie Elliott
Jim Bringhurst
Scott Maruri
Kelly Favero
Leanna DeHerrera
Laurann McGuire
Adam Frenza
Lisa Dimond Scott Steadman
Brad Hansen
Amy Dobbs
Max Strayer
Lori Hendry
Abbey Drummond
Lisa Woodbury
Lisa JungemannGrady Kohler
Leadership Installed, Service Celebrated
The Salt Lake Board of Realtors® hosted its annual Holiday Social on Dec. 5 at The Little America Hotel in downtown Salt Lake City. Scott Colemere was installed as the 2026 President, along with the 2026 Board of Directors. The 2025 Realtor® Service Awards were also presented: Michael Rowe was named Realtor® of the Year; Elissa Tran received the Good Neighbor Award; Kennedy Strong was recognized as Affiliate of the Year; Marjie McDermott received the Cecil Thompson Advocacy Award; and Lynn Anderson received the President’s Award. Mark Feigh was recognized by the Residential Real Estate Council (RRC) as Realtor® of the Year, and Terry Simmons and Fred Law were honored with Lifetime Achievement Awards.
Photos: Dave Anderton
affordability due to high prices and still-high mortgage rates—continue to weigh on homebuyers.
The mortgage rate lock-in effect—caused by market rates that are well above the rates on existing mortgages—has left many homeowners with a strong reason to stay put. In fact, recent data showed that 4 out of every 5 homeowners with a mortgage has a rate below 6%. The share has waned gradually, a trend that will continue in 2026. As a result, turnover will be limited with moves likely to be spurred by life necessities such as job or family changes.
Home Prices Climb, but Not in Real Terms
Home prices are expected to continue to climb in 2026, adding 2.2% for the typical home sold. These gains come on top of the 2% increase registered in 2025. However, inflation is expected to outpace these gains, with consumer prices likely growing more than 3%. That means real (inflation-adjusted) home prices will decline slightly for a second consecutive year.
This dynamic—nominal prices rising but real prices slipping—gradually improves affordability, even if it doesn’t feel like a dramatic shift to most buyers or sellers. Put simply, the sticker price of homes keeps going up, but the overall price level and incomes rise faster, meaning that it takes a smaller chunk of each paycheck to buy a home. The slow normalization process helps buyer incomes catch up.
Affordability Improves as Mortgage Rates Steady and Incomes Grow
Even though home prices are expected to go up, affordability is set to improve modestly in 2026. After higher-than-expected interest rates in most of 2025, mortgage rates finally relaxed in the second half of
the year, dropping into the low 6% range. We expect the average 30-year fixed mortgage rate to remain roughly in this range throughout 2026, averaging 6.3%, as slowing economic growth and the end of the Fed’s quantitative tightening offset rising U.S. government debt and inflationary pressure that’s expected to be temporary. While this puts the average 30-year fixed mortgage rate on par with the last few months of 2025, it will mark a drop from 6.6% on average throughout 2025 as a whole.
The typical monthly payment to buy the medianpriced home sold is expected to fall 1.3% year over year as home price growth moderates and mortgage rates drop on average. This will mark the first decline in monthly payments on average across the year since 2020. Furthermore, rising incomes, which should outpace inflation, give buyers more purchasing power, helping to shrink the share of a paycheck that has to be put toward the mortgage. The monthly payment
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to buy the typical home is expected to slip to 29.3% of median income, its first year below the 30% affordability threshold since 2022, when mortgage rates shot higher. The gains may be modest, but they mark an important shift toward better conditions for homebuyers.
For-Sale Inventory Recovery Slows, but Still Outpaces Sales
Even though we saw some sellers delist rather than accept disappointing terms in 2025, the housing inventory recovery continued. The number of active for-sale listings marked two years of consistent growth in October, and the pace of annual unsold inventory recovery is likely to match 2024. Nevertheless, the pace of recovery has slowed as the market approaches prepandemic norms, and we expect this to continue in 2026.
We project an 8.9% increase in active listings in 2026, marking a third consecutive year of gains. The pace of improvement has slowed, however, as the market edges closer to pre-pandemic norms. By year’s end, nationwide inventory levels are expected to remain roughly 12% below pre-2020 averages, an improvement from a 19% gap in 2025 and nearly 30% in 2024.
The national housing market will remain in balanced territory in 2026, averaging 4.6 months of supply across the year. Even so, momentum in the housing market is expected to tilt toward buyers as a more substantial growth in the number of homes for sale than homes sold shifts the balance of supply and demand. Housing affordability will remain a stumbling block for many, especially younger and first-time buyers, but negotiating power is expected to improve.
National Rent Softening Creates Mobility Opportunities Concentrated in the South and
West
Renters are likely to see continued relief from declining rents in 2026, as a robust multifamily construction pipeline adds to rental supply and helps drive rents down. With more new units entering the market, vacancy rates are expected to approach—or even exceed—the long-term average of 7.2% observed between 2013 and 2019 by the end of 2026.
With rents declining for over two years and trends expected to continue in 2026, renter mobility is set to rise as more renters seek affordable housing or upgrades. Renters can find opportunities in markets such as Las Vegas, NV, Atlanta, GA, and Austin, TX, which have experienced the largest price drops from their peaks. At the same time, cross-market rental demand is expected to remain strong in metros like Raleigh, NC, and Richmond, VA, both emerging as top destinations for recent college graduates seeking affordability and career opportunities, as well as in Nashville, TN, which ranks among the nation’s top rental markets.
However, regional trends are expected to be a factor in the rental market in 2026. For renters living in expensive, high-density markets such as New York
City, elevated rents will continue to pose significant affordability challenges. Even with rent freezes citywide—a policy preferred by Mayor-elect Zohran Mamdani—and sustained income growth, it would take decades—not years—for rents in New York City to become truly affordable.
The Economy Continues To Grow Even as It Shows Strains From a Period of Rapid Adjustment
Nominal economic growth in 2025 slowed modestly as the economy weathered sizable changes to trade, immigration, and tax policy. The slowdown moved real, after-inflation economic growth back to trend from a period of above-trend growth. A similar on-trend economic performance is expected in 2026.
Inflation, which has been a thorn in the economy’s side for nearly a half-decade, reached a significant low point in spring—headline inflation hit 2.3%, per the consumer price index. This progress wasn’t sustained, however, and inflation picked back up as new tariffs affected the costs of goods, a trend we expect to see in 2026.
As economists debate the degree to which the Fed needs to respond or look through these price shifts, wages have continued to outpace inflation, creating real additional spending power for consumers. This has enabled household budgets to continue to catch up from the recent inflation-driven squeeze.
But a softening jobs market driven by companies paring back hiring and in some cases shrinking their workforce as they plan to right-size in the face of expanding AI capabilities and investment has put a question mark on whether wage growth will continue with the same strength.
Our outlook for 2026 expects median household income growth of more than 3.6%, which is just expected to exceed inflation, as it edges back up past 3%. Unemployment, which was at 4.3% in August, is expected to climb further, but not exceed 5% in 2026. In aggregate, consumers look to be in good shape, but lower-income and younger individuals may be more vulnerable as the labor market cools.
What will the market be like for homebuyers, especially first-time homebuyers?
Homebuyers will see modest improvement in their bargaining power in 2026, as affordability and inventory inch higher, building on the gains they saw in 2025. Although the national housing market will remain in balanced territory, there will be substantial regional variation. Already in 2025, at least seven major housing markets have crossed into buyerfriendly territory, and that list is likely to grow in 2026. This doesn’t mean that the housing market will be “easy” for buyers, but we do expect to see more sales in 2026, a sign that more buyers will be able to successfully navigate the market’s challenges.
Members Step Up for 2026
Salt Lake Board of Realtors® members recently signed up to serve on 2026 committees. The Board’s eight committees help advance its mission and include: Affiliates, Charity, Education, Government Affairs/RPAC, Grievance, NAR Affiliates, Professional Standards, and the Young Professionals Network. Together, this work supports the Board’s four-part mission: government advocacy, education, communication, and service.
Photos: Dave Anderton
October 2025 Housing Watch
October Update: More Listings, Fewer Pending Sales, Higher Prices
Homes sales across Salt Lake County dipped slightly in October, with 1,042 total units sold (single-family homes, condominiums, townhouses, twin homes), down nearly 2% from 1,063 units sold in October 2024. Single-family sales bucked the trend, rising 2% to 764 units from 747 a year ago. Multi-family sales, however, fell 10% to 266 units, down from 296.
Prices continued to climb overall. The median price across all housing types increased to $558,142 in October, up nearly 4% from $539,000 in October 2024. Single-family home prices led the gain, with the median rising to $629,721, up 4% from $605,000 last year. Multi-family homes saw the opposite: the median price slipped to $424,950, down 4% from $442,392 a year ago.
The market also showed signs of slowing momentum. The typical home spent 40 days on the market in October, up from 36 days in October 2024. New listings rose to 1,480, a 9% increase from 1,357 a year earlier, while under-contract listings fell to 862 from 959. As of Oct. 31, active listings climbed to 3,342, up 24% year over year.
Even with slightly softer sales, Salt Lake County prices remain elevated for familiar reasons: years of underbuilding relative to population and job growth, limited developable land along the Wasatch Front, and higher construction and financing costs that make it difficult to add “missing- middle” housing at scale. Those same high prices, paired with mortgage rates that remain restrictive compared to recent history, are also contributing to a more cautious pace of buyer activity, especially in the multi-family segment where affordability is often the primary driver.
Nationally, home sales in October were up 2% from October 2024, according to the National Association of Realtors®.
“Home sales increased in October even with the government shutdown due to homebuyers taking advantage of lower mortgage rates,” said NAR Chief Economist Lawrence Yun. “First-time homebuyers are facing headwinds in the Northeast due to a lack of supply and in the West because of high home prices. First-time buyers fared better in the Midwest because of the plentiful supply of affordable houses and in the South because there is sufficient inventory.”
The average 30-year fixed-rate mortgage in October was 6.25%, according to Freddie Mac, down from 6.35% in September and 6.43% one year ago.
“Rents are decelerating which will reduce inflation and encourage the Federal Reserve to continue cutting rates and pulling back their quantitative tightening,” Yun added. “This will help bring more homebuyers into the market since the Fed rate has an indirect impact on mortgage rates.”
“First-time homebuyers are facing headwinds in the Northeast due to a lack of supply and in the West because of high home prices.”
Lawrence Yun Chief Economist National Association of Realtors®
