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NOVEMBER 2025
The Boomer Housing Shift
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Table of Contents Features 8 Before You Meet, Verify: Why Forewarn Belongs on Every Agent's Phone Babs De Lay
VadimGuzhva©/Adobe Stock
10 The 'Silver Tsunami' in Real Estate Is Here:
8
Before You Meet, Verify: Why Forewarn Belongs on Every Agent's Phone
Are You Ready? Melissa Dittmann Tracey
14 Pending Home Sales Remain Flat in September Despite Falling Mortgage Rates Keith Griffith
18 Falling Mortgage Rates Boost Housing Market for Now—as Government Shutdown Enters Second Month Jake Krimmel
20 New York City's Housing Economics Are Broken—and It's Squeezing Everyone Allaire Conte
24 The Typicall First-Time Homebuyer Is Now 40 Years Old, a Record High Keith Griffith
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Columns
14
Pending Home Sales Remain Flat in September Despite Falling Mortgage Rates
5 Choose Gratitude, Change Your Story Claire Larson – President’s Message
Departments 6
Happenings
6
In the News
28 Housing Watch
On the Cover:
Cover Photo: Peopleimages©/iStock
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This Magazine is Self-Supporting
24 The Typicall First-Time Homebuyer Is Now 40 Years Old, a Record High
slrealtors.com 4 | Salt Lake Realtor ® | October 2025
Salt Lake Realtor® Magazine is self-supporting. The advertisers in this magazine pay for all production and distribution costs. Help support this magazine by advertising. For advertising rates, please contact Mills Publishing at 801.467.9419. The paper used in Salt Lake Realtor® Magazine comes from trees in managed timberlands. These trees are planted and grown specifically to make paper and do not come from parks or wilderness areas. In addition, a portion of this magazine is printed from recycled paper.
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November 2025 volume 85 number 11 The Salt Lake REALTOR® (ISSN 2153 2141) is published monthly by Mills Publishing, located at 772 E. 3300 South, Suite 200 Salt Lake City, Utah 84106. Periodicals Postage Paid at Salt Lake City, UT. POSTMASTER: Send address changes to: The Salt Lake REALTOR,® 772 E. 3300 South, Suite 200 Salt Lake City, Utah 84106-4618.
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Janice Smith CB Realty (Union Heights)
President Claire Larson Woodside Homes of Utah LLC
Eric Santistevan Engel & Volkers (Holladay)
First Vice President J. Scott Colemere Colemere Realty Assoc.
Kristel Gough Summit Sotheby's (Draper)
Second Vice President Morelza Boratzuk RealtyPath (South Valley)
Lori Khodadad CB Realty (Union Heights)
Treasurer Jenni Barber Berkshire Hathaway (North SL)
Kim Farber Eleven11 Real Estate LLC Russ Orchard Century 21 Everest
Past President Dawn Stevens Real Broker, LLC (Canyons Luxury)
Donna Pozzuoli BHHS UP (N. Salt Lake)
CEO Curtis Bullock
Mo Aller Equity RE (Advantage)
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Linda Mascher Realtypath LLC (Advisors)
Jodie Osofsky Summit Sotheby's Int'l Realty
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
Choose Gratitude, Change Your Story
Sales Staff Paula Bell Dan Miller
Salt Lake Board: (801) 542-8840 e-mail: dave@slrealtors.com Web Site: www.slrealtors.com The Salt Lake Board of REALTORS® is pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support the affirmative advertising and marketing program in which there are no barriers to obtaining housing because of 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.
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November invites us to pause, reflect, and notice the blessings around us. When we start each day with gratitude—choosing to believe it can be a great day and thanking God for opportunities before they appear— everything shifts. Challenges turn into lessons. Obstacles become chances to grow in strength and skill.
Gratitude Through Adversity This year, many of us have faced personal or professional hurdles. Others have experienced their best year yet. Through it all, we still have much to be grateful for. Gratitude begins with purpose, and purpose is powerful. When we focus on what we have, rather than what we lack, we invite more positivity, opportunity, and endurance. Gratitude changes how we see the world. It moves us from scarcity to abundance.
Lessons from the Past Real estate has weathered plenty of ups and downs. In 2008, when the market felt uncertain, Realtors® worked tirelessly to keep doors open and clients encouraged. Even then, there were silver linings: lower rates, more affordable prices, and buyer grants. Success came from adapting, getting creative, and learning new strategies. In 2020, nearly everything paused. Once again, Realtors® rose to the occasion, serving clients in new ways. Virtual tours, remote closings, and digital collaboration became essential. That season showed the resilience and dedication of our profession.
The Power of Appreciation Gratitude isn’t only about feeling thankful. It’s also about expressing it. Appreciation multiplies good and strengthens relationships. When was the last time you sent a quick text or note just to say thanks? A few sincere words can mean more than we realize—for others and for ourselves.
A Purpose Worth Celebrating As Realtors® and partners in this industry, we are privileged to help people achieve homeownership and financial stability. Every key passed across a threshold marks more than a transaction. It begins a new chapter in someone’s life. That is worth celebrating. As we move through this season, let’s lead with thankfulness, share appreciation freely, and find purpose in the work we do each day. Gratitude doesn’t just change our outlook. It changes our impact.
A Personal Note of Thanks I’m grateful for the chance to share a glimpse of my life with you this year. Thank you to the entire Salt Lake Board staff. You are caring, compassionate, and a powerful force for our association. Thank you for allowing me to share Faith, Hope, Love, and Gratitude. Wishing you a very Happy Thanksgiving. We have so much to be thankful for.
Claire Larson President
REALTOR® is a registered mark which identifies a professional in real estate who subscribes to a strict Code of Ethics as a member of the NATIONAL ASSOCIATION OF REALTORS®. October 2005
November 2025 | Salt Lake Realtor ® | 5
Happenings
In the News
Wasatch Front Housing Market Levels Out Single-family home prices are still edging up, even with high mortgage rates and tighter budgets. The main reason is simple: there just aren’t enough homes for sale. Utah’s population keeps growing, but inventory remains low because many homeowners are staying put with their 2–3% mortgages. Strong job growth, steady in-migration, and the area’s lifestyle appeal continue to fuel demand, keeping prices from slipping much. Davis County led the way with a 4.5% jump, followed by modest gains in Salt Lake, Utah, and Weber counties, while Tooele saw a slight dip. Source: UtahRealEstate.com
Holiday Video Spirits Have a Message for Scott! Scott Colemere said, “No video for me!” But three holiday ghosts had plans, you’ll see— From videos past, to those yet to come, They’ll prove that holiday fun can’t be undone Catch the full story at the Holiday Social, Friday, Dec. 5. Registration opens Nov. 21 at 10 a.m. — it’s free for Salt Lake Board of Realtors® members.
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More Buyers Are Walking Away at the Closing Table In the U.S. housing market, the rate of home‐purchase agreements being cancelled is rising, reflecting growing economic uncertainty, according to The Wall Street Journal. By September 2025, about 15 % of deals were falling through—up from roughly 13.6 % a year earlier. Several factors are contributing: buyers are increasingly concerned about job stability, unexpected costs like property taxes or homeowners insurance, and loans that fail to materialize because of higher home prices and elevated mortgage rates. Meanwhile, sellers are often reluctant to drop prices— particularly those holding low-rate mortgages—leading to standoffs between buyers and sellers. This has prompted a sharp increase in delistings (homes taken off the market) in September—up about 52 % year-over-year. Regional variation is wide: in places like Jacksonville, Florida, cancellation rates reached 17.8 %, while other areas such as Nassau County, New York saw rates as low as 4.9 %. To mitigate risk, real-estate professionals suggest methods such as performing preinspection reports or securing backup offers to reduce the chances of a transaction collapsing.
6 | Salt Lake Realtor ® | November 2025
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Before You Meet, Verify:
Why Forewarn Belongs on Every Agent’s Phone This app is now available to Salt Lake Realtors® as a member benefit. By Babs De Lay Blessings to our CEO and Board of Directors for saving lives. The announcement that Forewarn is now included in our Board membership dues deserves real applause. You will understand why the first time you log into the app. Forewarn is a mobile tool that allows agents to verify a client’s information, identity, and possible criminal history. I’ve had it on my phone for a few years as a perk of being a member of another association.
1.
There’s no person associated with that phone number.
2.
A name appears that doesn’t match the one in the text or email.
3.
I see the owner’s name, home address, the car they drive, and any criminal history.
It’s simple to use. An old coot like me learned it in about two minutes, and I’m grateful for it every day. Here’s the typical scenario: I get a text from an unknown number or an email from a stranger who wants to sell a piece of land fast. I open the app, it recognizes my face, I enter the phone number, and I get immediate answers. Usually one of three things happens:
A few decades back, a free real estate magazine ran full-page agent ads with photos and listings. A sexual predator fixated on one agent’s photo, drove around to find her listings, and chose a vacant property. He offered to pick her up at her office to show it. He assaulted her at the empty home, then drove her back to her office. He was later arrested after a helicopter
8 | Salt Lake Realtor ® | November 2025
Why does this matter?
chase in the canyon. If she’d had this app, she might have discovered his criminal history in two taps before ever meeting him. Today, scammers try to rip off property owners by emailing agents with “I own this parcel and must sell for cash immediately.” Careful brokers are catching the red flags. The owner and contact info often do not match, and it turns out to be a scam. I’ve seen alerts from the MLS in Washington County, Park City, and Salt Lake, and I’ve received a handful of these emails myself. When I run a number through Forewarn, I often find it belongs to an elderly person out of state. I also had an elderly client fall for a romance scam. She lost about $450,000 and had to sell her condo. On top of that, she owed the IRS roughly $900 per month in penalties for early retirement withdrawals. The police found the scammer was overseas, and the money was gone. If she’d checked the app, she would have seen the name and number didn’t match her “love interest” and she might never have lost that money. This app is now available to Salt Lake Realtors® as a member benefit. Again, thank you to everyone who worked to get us this tool. It protects us in the field and helps us safeguard our clients. Babs De Lay is the principal broker at Urban Utah Homes and Estates and a Legacy Realtor®. She has been a full-time Realtor® since 1984. Salt Lake Realtors® can learn more about Forewarn at https://slrealtors.com/forewarn-app/. VadimGuzhva©/Adobe Stock
November 2025 | Salt Lake Realtor ® | 9
The ‘Silver Tsunami’ in Real Estate Is Here: Are You Ready? More buyers are selling two homes and purchasing one property with an ADU so everyone can live together. By Melissa Dittmann Tracey For years, the real estate industry has heard the “Silver Tsunami” was coming—the long-predicted wave of baby boomers expected to sell, downsize or age in place. But that wave is here. More than 70 million Americans are now aged 65 or older. Baby boomers, between the ages of 60 and 78, have regained their spot as the largest share of both home buyers and sellers, according to the National Association of 10 | Salt Lake Realtor ® | November 2025
Realtors®’ 2025 Home Buyers and Sellers Generational Trends Report. Their buying power and decades of home equity are reshaping the market. “Baby boomers are really holding the cards in the real estate market,” said Jessica Lautz, NAR’s deputy chief economist and vice president of research. “They have earned a tremendous amount of housing equity … and right now they’re making moves either in
some may delay downsizing until health, mobility or emotional barriers make it unavoidable—turning what could be a planned transition into a stressful rush. Dane Ramsden, CEO of the In Network Real Estate in Detroit, prefers the term “rightsizing” and calls it “one of the most emotional transactions in real estate. It’s rarely just about square footage—it’s about memory and identity.” Identifying a family need for assistance with these moves, Ramsden started a Caring Transitions franchise to guide older adults and their families through decluttering, estate sales and relocation to ease these stressful moves. His top advice for agents assisting clients:
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retirement or looking forward to retirement.” Many are leveraging proceeds from longtime homes to fund their next chapter. Among recent boomer buyers, half of younger boomers (ages 60–69) and 62% of older boomers (70–78) bought their new homes with sale proceeds. After living in their homes for 13 to 16 years and earning 50% or more in home appreciation, they have the financial flexibility to move to a home that better fits their stage of life. But not everyone is ready for a change. Here are three major housing trends emerging from the Silver Tsunami—and how agents can prepare.
Downsizing—or Rightsizing Baby boomers remain active buyers and sellers, motivated by retirement, proximity to family or the appeal of smaller, low-maintenance living. Yet,
•
Start early and declutter intentionally: Encourage clients to sort through belongings well before listing the home. “These homes have often been filled with memories and trinkets,” Ramsden says. Families should keep what’s meaningful, then categorize what remains to sell, donate or dispose. Ramsden’s company uses estate-sale platforms like CT Bids to streamline household clear-outs, while agents can connect clients to removal and donation services for hard-to-discard items, like pianos, treadmills and bulky furniture. (REALTOR Benefits® partner 1-800-GOT-JUNK? offers discounts to clients of NAR members.)
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Create comfort in the new home: Before selling, recreate familiar setups in the new place, like with furniture or even the location of the lamp and favorite book on the nightstand to help ease emotional transitions into a new home, Ramsden said.
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Bring in professional support: Senior relocation specialists can help coordinate the logistics of a move, working alongside real estate agents. “These jobs are always bigger than they seem,” Ramsden said. “Trained professionals can do it in a third of the time—and keep family relationships intact.”
Aging in Place Only about 10% of homes nationwide are fully prepared for senior living, according to research from AARP. Yet, many baby boomers say they plan to remain in their homes as they age. “There is a segment of baby boomers who are just wanting to stay put,” Lautz said. “Some of it may have to do with [avoiding] capital gains taxes [by selling]. Some of it may have to do with comfort—they love their home.” Without thoughtful updates, homes can become difficult—or even unsafe. Stairs, poor lighting and slippery bathrooms pose risks, and too many homeowners may wait to make changes until after an accident or health setback. Mary Harmon Young, broker-owner of Mary Harmon & Co. in Tuscaloosa, Ala., helps clients search for homes with aging in place in mind. Young holds the Seniors Real Estate Specialist (SRES®) designation, which November 2025 | Salt Lake Realtor ® | 11
Multigenerational Living Multigenerational living continues to rise— 17% of buyers purchased multigenerational homes in 2024, a record high, according to NAR’s decade-long data. Families are combining households for affordability, caregiving and connection. “Single-story homes, clearly defined privacy zones and secondary kitchenettes make shared living much more functional,” Young noted. Builders are responding with layouts specifically designed for multigenerational families, such as with dual primary suites, en suite baths, private entrances, casitas or even accessory dwelling units, where zoning allows.
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helps agents understand the financial, emotional and logistical considerations facing older adults when buying, selling and renovating. Young helps her clients consider universal design features like lever-style door handles that are easier on arthritic hands, step-free entries and wide doorways to accommodate walkers and wheelchairs, and first-floor bedrooms that can make homes more accessible. Smarthome technology, such as motion lighting or door alerts, also adds safety and peace of mind, she said. The 2025 U.S. Houzz Bathroom Trends Study showed accessibility a growing priority among renovating homeowners. The remodeling survey found an increased desire for low-curb or curbless showers and additional lighting for safety and accessibility, whether for aging household members or those with disabilities or young children. “Accessibility has become a defining priority in bathroom remodeling,” said Marine Sargsyan, staff economist at Houzz, “driven by demographic shifts and broader market trends. Homeowners are increasingly working with professionals to integrate features that make their bathrooms safer, more adaptable and more supportive for all household members now and into the future.” Agents might consider adding to their professional networks National Association of Home Builders’ Certified Aging-in-Place Specialists (CAPS), who are trained in conducting accessibility assessments and retrofitting homes with universal design features, like grab bars, widening doorways and more.
12 | Salt Lake Realtor ® | November 2025
“We’re seeing more buyers who sell two homes and buy one property with an ADU so they can all live together,” said Ryan Hvizda, owner of Hvizda Realty Group at Keller Williams Metro in Concord, N.H. “There’s more than a financial benefit.” ADUs let families live independently on the same lot while still staying close.
That growing interest in flexible living setups is something agents nationwide are noticing, too. Todd Luong, SRS, a real estate pro with RE/MAX DFW Associates in Frisco, Texas, hopes more agents lean into the trend—highlighting features like second owner suites, mother-in-law suites or oversized bedrooms with ensuite baths in their listings. “It’s hard to look for multigenerational homes … there’s no easy way to search for these homes and they’re challenging to find,” he said. “There’s no filter for multigenerational households on the MLS.” Luong said many of his clients intentionally look for homes with extra bedrooms and baths on the first floor, especially for older relatives. Beyond finding the right home, he urges families to think through the full arrangements: “It is very important to consider how title will be held when buying a home with multiple family members. Things can get messy very quickly when it comes time to sell.” Luong believes the multigenerational home trend will continue to grow. As family dynamics evolve and the “Silver Tsunami” expands, real estate pros who understand the needs of multigenerational buyers—and who are well-versed in aging-in-place and rightsizing trends—could better position themselves to serve this growing segment of buyers and sellers shaping today’s housing market. Melissa Dittmann Tracey is a contributing editor for Realtor® Magazine and editor of the Styled, Staged & Sold blog. Reprinted from Realtor® Magazine Online, October 2025, with permission of the National Association of Realtors®. Copyright 2025. All rights reserved.
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Pending Home Sales Remain Flat in September Despite Falling Mortgage Rates Fannie Mae’s monthly consumer survey found that 73% said it was a bad time to buy in September. By Keith Griffith Pending home sales remained flat in September despite a healthy decline in mortgage rates, in an early sign of continued weakness for the fall home buying season. Signed contracts for existing homes were unchanged last month from August, and down 0.9% from a year ago, according to data released by the National Association of Realtors®. On a monthly basis and annual basis, pending sales declined in the Midwest and West, and rose in the Northeast and South. Pending home sales usually lead existing-home sales by one or two months. September’s reading remained flat despite falling mortgage rates, which averaged 6.35% last month, the lowest monthly average in a 14 | Salt Lake Realtor ® | November 2025
year according to Freddie Mac. “A record-high stock market and growing housing wealth in September were not enough to offset a likely softening job market,” said NAR Chief Economist Lawrence Yun. “Looking ahead, mortgage rates are trending toward three-year lows, which should further improve affordability, though the government shutdown could temporarily slow home sales activity.” Mortgage rates have been trending lower since May, in anticipation of a new round of interest rate cuts at the Federal Reserve. The central bank began cutting its overnight benchmark rate last month, and is expected to announce another quarter-point rate cut Wednesday afternoon.
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In anticipation of the Fed’s moves, average mortgage rates reached a one-year low of 6.19% last week, down from their recent peak of 6.89% reached in May. This 70-basis-point decline since May translates to more than $150 in monthly savings, or roughly $1,900 per year, on a median-priced home purchase, according to Realtor.com® Senior Economic Research Analyst Hannah Jones. “With mortgage rates easing to their lowest level in over a year, more buyers could soon see the market shift from unaffordable to attainable,” said Jones. “As we move into late fall, the combination of lower rates, ample inventory, and softening prices could create a more favorable window for buyers hoping to close before year-end.” So far, however, declining mortgage rates have primarily spurred an increase in mortgage refinancing,
16 | Salt Lake Realtor ® | November 2025
rather than additional home sales, according to recent data from the Mortgage Bankers Association. Fannie Mae’s monthly consumer survey found that 73% said it was a bad time to buy in September, versus just 27% who said it was a good time to buy. “Affordability is still a constraint even as rates have fallen to their lowest level in a year. And consumers are generally feeling more cautious amidst growing economic uncertainty,” said Bright MLS Chief Economist Lisa Sturtevant. Keith Griffith is a journalist at Realtor.com covering housing policy, real estate news, and trends in the residential market. Previously, his work has appeared in Business Insider, The Street, Chicago Sun-Times, New York Post, and Daily Mail, among other publications. He has a master’s degree in economic and business journalism from Columbia University.
Falling Mortgage Rates Boost Housing Market for Now—as Government Shutdown Enters Second Month Since May, mortgage rates have fallen by 70 basis points, saving a typical buyer about $150 a month. By Jake Krimmel
Mortgage rates just hit 6.17%—their lowest in more than a year, as of Oct. 30. Also, the Fed cut rates again. Together, this could provide some real momentum for the housing market. But with an economy sending mixed signals and the government shutdown clouding the data picture, uncertainty is creeping in. That’s big story: Momentum meeting uncertainty. Lower rates are trying to push the housing market forward, and macro risks are pulling it back. On one side, momentum: Since May, mortgage rates 18 | Salt Lake Realtor ® | November 2025
have fallen by 70 basis points, saving a typical buyer about $150 a month—that’s nearly $2,000 a year in payments. On the other side, uncertainty: Without the usual labor market data, Fed Chair Jerome Powell compared the Fed’s job to “driving in the fog,” saying it might be best to “slow down” on future rate cuts. Now, turning to what’s happening on the ground: Our October Housing Trends Report shows this same balancing act of momentum meeting uncertainty, with the market settling into neutral as a result.
Inventory is up 15% from a year ago, but growth has slowed for five straight months. Homes are sitting longer on the market—63 days on average, 5 more than last year—and the median list price steadied—up just 0.4%. Other data released showed flat pending home sales and prices slightly up, albeit at a lower pace. Overall, momentum and uncertainty are in a stalemate, and the market is mostly moving sideways as a result. But that’s not the case for every segment of the market. Our new More-for-Your-Money Luxury Housing Report shows where buyers at the top end are gaining the most ground. In several major metros—Atlanta, Denver, and Minneapolis—high-end buyers are now getting more home for the same budget. It’s a huge opportunity when paired with the positive momentum on interest rates. The other big storyline is uncertainty hitting closer to home, due to the government shutdown. In markets with greater shares of federal workers— especially Washington, DC, and Virginia Beach—new listings fell and buyer search activity dropped by double digits in October. Uncertainty around paychecks has pressed pause on those housing markets. We’ll be sure to keep an eye out as the shutdown continues. So this fall, it’s momentum versus uncertainty. Mortgage rates and Fed cuts are helping for now, but the consumer and data outlook remains foggy. If you’ve been waiting to buy, run the numbers to see if now is your moment. Because rates may be on their way back up soon. If you’re selling, price to the market and be patient. Buyers will be back, but they’ll be selective. Chanelle Malambo/peopleimages.com©/Adobe Stock
Jake is senior economist at Realtor.com.
Andrey Popov©/Adobe Stock
November 2025 | Salt Lake Realtor ® | 19
New York City’s Housing Economics Are Broken— and It’s Squeezing Everyone People are moving out of New York because they don’t have housing options. The reason is a chronic supply shortage. By Allaire Conte
They say if you can make it here, you can make it anywhere. It’s a promise that has inspired generations of artists, immigrants, entrepreneurs, and dreamers to pack a bag and move to New York City. Today, a critical piece of that dream has gone: an affordable place to live. For decades, the story was the same: Someone steps off a Greyhound at Port Authority with a few hundred bucks to their name and a suitcase full of all their earthly possessions. They land a dingy walk-up— maybe it has mice, maybe it’s loud—but it’s cheap, it’s theirs, and it offers a foothold in a city that promises its residents the world. That foothold has all but disappeared. Vacancy rates have plunged to historic lows, sitting at just 1.4% citywide. For the most affordable units—those priced at $1,100 or less—that number drops to just 0.7%, according to the most recent Housing and Vacancy Survey. That scarcity has pushed median asking rents to $3,491 in the second quarter of 2025, or 55% of the typical household income, according to Realtor.com® data. For would-be buyers, the outlook isn’t much better: Mortgage originations have dropped across all five boroughs, falling to their lowest level since at least 2006. 20 | Salt Lake Realtor ® | November 2025
The consequences are piling up. Housing affordability has become a flashpoint in the city’s highly contentious mayoral election, all while the city’s shelter population has soared well past pre-pandemic levels, with families now making up a growing share of the surge, according to data from NYU Furman Center. “People are moving out of New York because they don’t have housing options,” said Rachel Fee, executive director of the New York Housing Conference, a nonprofit devoted to advancing affordable housing for all New Yorkers. “And if this is not addressed, it will take a toll on our economy.”
What’s causing the crunch Behind the high rent and home prices are longstanding structural barriers that make it difficult, slow, and expensive to build new housing, according to the experts we spoke to.
Supply bottlenecks Renters are bearing the brunt of the crisis, as they make up the bulk of New York City’s residents and housing stock. “New York’s renter affordability gap is among the widest in the country,” said Jake Krimmel, senior economist at
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Realtor.com. “The reason is a chronic supply shortage.” Between 2014 and 2024, the city permitted roughly 30 homes per 1,000 residents per year, about half as many as Boston and one-third as many as Washington, DC. And while some cities, such as Austin, Atlanta, and Las Vegas, are seeing rents finally pull back, New Yorkers can’t expect the same relief due to a major lag in the supply of new housing units. A major factor behind the slowdown is the expiration of the 421-a, a tax incentive program that had supported a large share of multifamily development. In 2022, developers rushed to get projects permitted before the program ended, leading to a surge in permits and, by 2024, the highest number of residential completions in over a decade. But that surge was short-lived. Just 15,626 new units were permitted citywide in 2024—a 77% drop from the 2022 peak, according to data from the NYU Furman Center. Even for projects that might be feasible on paper, the actual path to construction is often too uncertain or delayed to move forward. Lengthy public review processes, appeals, and site-specific complications have made the timeline for multifamily development difficult to predict or finance.
However, New York voters will have a chance to confront some of these hurdles at the ballot box on Nov. 4. Three proposed charter amendments—Ballot Measures 2 through 4—aim to streamline parts of the land use and approval process for new housing, particularly for smaller rezonings and deeply affordable projects. “Streamlining the permitting and construction process is a critical element to solving the city’s supply crisis,” said Krimmel. “New York’s ballot measures 2–4 in the election are process-oriented reforms to new development, and represent a step in the right direction.”
Higher costs Beyond permitting, developers are also facing a growing list of cost pressures: higher interest rates, soaring insurance premiums, and more expensive materials. President Donald Trump’s tariffs have taken a considerable toll on residential construction, raising the cost of building materials like lumber, gypsum, steel, and cabinetry. Builders are uniquely exposed to the tariffs: Roughly 90% of the tariff-related cost increases fall on new construction, as opposed to renovations, according to research from the Brookings Institution. November 2025 | Salt Lake Realtor ® | 21
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These layers of constraint have slowed production across the board and especially in the affordable segment, where margins are thinnest and subsidies are often necessary to close those gaps.
new construction, and tenant protections are all on the table, but the political debate often overlooks a critical tension: Many of the city’s affordable buildings are already on unstable financial footing.
“We don’t have enough housing choice right at the price points people can afford,” Fee added. “And it’s really because we haven’t been building enough housing over the past few decades.”
That instability stems in part from the wide variation in the city’s rent-stabilized stock.
Wage growth slows Rising renter incomes in New York City have provided some relief to surging prices over the past decade, but they haven’t kept pace with housing costs—especially in the years since the COVID-19 pandemic, according to the NYU Furman Center. The median renter household made $63,698 in 2023— about 20% more than in 2013 after adjusting for inflation. But more than half of renters still spend at least 30% of their income on rent. And while rents in 2023 were 25% higher than they were in 2007, renter incomes were only 15% higher, down from their peak in 2019. The burden is especially acute for renters earning between $30,000 and $80,000 annually. These households often fall into a policy blind spot: They earn too much to qualify for deeply subsidized housing but not enough to afford market-rate rents in most neighborhoods. As a result, many in this income band spend well above 30%—and in some cases more than 50%—of their income on housing, putting them at higher risk of housing instability, financial distress, or eviction.
The paradox of affordability and operations The cracks in affordability, supply, and permitting are fueling a bitter mayoral election campaign. Rent freezes, 22 | Salt Lake Realtor ® | November 2025
Older buildings—typically those built before 1974— tend to have lower debt but face high and growing maintenance needs. Newer stabilized buildings developed under programs like 421-a are often carrying large mortgages and operate with little cushion. “They’re not collecting the amount of rent they were underwritten to,” says Fee, noting that pandemic-era arrears, rising insurance premiums, and increased maintenance costs have tipped many of these properties into operating deficits. This puts rent regulation at the center of a difficult balancing act. Freezing rents can provide tangible relief to tenants, nearly half of whom in stabilized units are rent-burdened. But Fee warns that freezes alone could worsen the financial health of already struggling buildings. “A rent freeze will exacerbate the existing problems,” she said, “but rent governing board increases won’t fix them.” She argues that any rent cap must be paired with targeted policy support, especially if the goal is to keep both tenants and buildings afloat.
Who gets in—and who doesn’t Even though the city has tipped into a buyer’s market, the door to homeownership remains shut for most New Yorkers. “Homeownership in New York City is far less attainable
than in nearly any other major metro,” said Krimmel. “Limited inventory, high down payments, and a lack of supply have pushed ownership out of reach for all but the highest-income households.” Data from the NYU Furman Center backs him up. Despite a relatively stable citywide homeownership rate of 32.5% in 2023, racial and geographic disparities reveal deep fissures beneath the surface. Asian and white households remain far more likely to own than Black and Hispanic households. And originations have plunged across all groups, with Black and Hispanic borrowers each comprising just 10% of 2023 mortgage originations. For those who do buy, the financial rewards of ownership vary widely by neighborhood. Some areas, like parts of Brooklyn, have seen dramatic home value appreciation over the past decade, while others, like some parts of Manhattan, have remained stagnant.
What to watch New York City’s housing market is approaching a critical inflection point. The next few years will determine whether the city can meaningfully course-correct, or slide deeper into crisis.
Several key signals will shape the answer: Do building permits rebound under new state- and city-level incentives? Can the rent-to-income ratio finally ease? Will the shelter population stabilize or continue its historic climb? The answers hinge on decisions made not just in New York City, but in Washington, DC, as well. Federal decisions about HUD, the Low Income Housing Tax Credit, and the future of Fannie Mae and Freddie Mac could dramatically change funding streams that New York has long relied on. Meanwhile, the city’s own building stock is in limbo—juggling high insurance, aging infrastructure, and shrinking reserves. Still, there are signs of momentum. “Voters have this incredible opportunity,” Fee noted, pointing to renewed urgency among elected officials. “We’ve seen a shift. ... They now feel they have to act.” Whether that urgency translates into results—more permits, more funding, more homes—remains to be seen. Allaire Conte is a senior advice writer covering real estate and personal finance trends. She previously served as deputy editor of home services at CNN Underscored Money and was a lead writer at Orchard, where she simplified complex real estate topics for everyday readers.
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The Typical First-Time Homebuyer Is Now 40 Years Old, a Record High The share of all home purchases that were made by first-time buyers fell to 21% this year, the lowest on records dating to 1981. By Keith Griffith The typical first-time homebuyer in the U.S. is now 40 years old, a record high, as affordability struggles price many younger families out of the market. The median age of first-time buyers rose to 40 in 2025 from 38 the year before, and is up sharply from 33 just five year ago, according the annual profile of homebuyers and home sellers released by the National Association of Realtors®. The share of all home purchases that were made by first-time buyers fell to 21% this year, the lowest on records dating to 1981. Meanwhile, cash buyers accounted for 26% of sales, an all-time high. Affordability remains a key struggle for first-time buyers, with home prices at record highs and elevated mortgage rates adding to the cost of purchasing. “The current affordability challenges in the housing market affect everyone, but especially first-time homebuyers,” said Realtor.com® senior economist Joel Berner. “The housing market is missing these buyers, as 24 | Salt Lake Realtor ® | November 2025
many starter-level homes are spending longer on the market and receiving more price reductions, hindering the ability of those starter-home sellers to make purchases further up-market.” Among first-time buyers, 25% were single women and 10% were single men, as the share of married couples remained flat at 50%. In 2025, first-time homebuyers had a median household income of $94,400, down slightly from the prior year, but still well above the national median income of $81,604. The typical down payment for first-time buyers was 10%, matching the highest share recorded since 1989, as buyers who could afford to put cash down targeted more affordable monthly payments. First-time buyers were most likely to use personal savings (59%) or financial assets (26%) for their down payment, in contrast to past years when a gift or loan from a friend or relative was most common.
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“Without equity built up in a home that they already own and can sell, first-timers have to rely solely on their personal savings to put together a down payment for their home purchase,” said Berner. “With a small down payment and mortgage rates still above 6%, many firsttime buyers are facing down a monthly payment they simply cannot afford, so many choose to remain renters for the time being.”
Repeat buyers are also the oldest on record
The typical age of home sellers was 64 this year, also the highest ever recorded. Of all homes sold on the market, 81% did not have children under the age of 18 residing in the home. For all sellers, the most cited reason for selling their home was the desire to move closer to friends and family (26%), followed by the home being too small (10%), the home being too large (10%), and a change in family situation (8%).
The typical repeat homebuyer is now 62, also the highest ever, while the median age of all homebuyers also increased to a record-high 59, according to the NAR report.
For recently sold homes, the final sales price was a median of 99% of the final listing price. Home sellers reported satisfaction with the selling process, with 88% either highly or somewhat satisfied.
While those trends partly relate to the country’s changing demographics, with the large baby boomer cohort now aged 61 to 79, they also reflect a housing market increasingly dominated by those at or near retirement age.
While the new report paints a somewhat bleak picture for first-time buyers, there are reasons to hope that conditions for them may improve, said Berner.
A whopping 30% of repeat buyers paid cash and did not finance their homes, with many of these buyers likely using substantial equity from the sale of a prior home to pay for their new house. The typical repeat buyer made a hefty down payment of 23%, substantially higher than the median 10% down payment for first-time buyers, allowing them to avoid some of the pressures of higher mortgage rates. Notably, the share of homebuyers with children under the age of 18 fell to an all-time low of just 24%, a trend likely shaped by both the rising age of homebuyers and falling birth rates. Additionally, among homebuyers who have children, 21% cited childcare expenses as a barrier to saving up for a down payment.
Home sellers are holding property longer than ever
The typical home seller in 2025 has owned their home for 11 years, an all-time high. Tenure is up from 10 years last year, and from 2000 to 2008, it was just six years. 26 | Salt Lake Realtor ® | November 2025
“Fortunately for prospective first-time homebuyers, mortgage rates are at their lowest level in over a year, which makes a home purchase with a smaller down payment more affordable, and the inventory of homes for sale continues to grow, which will put downward pressure on prices,” he said. Average rates on 30-year mortgages reached a oneyear low of 6.17% in the last week of October, according to Freddie Mac. And home price growth has weakened considerably, with prices now falling in several markets in the South and West. “Conditions are turning in favor of buyers, which should help first-timers break into the market if they are willing to take on the risks of homeownership for a chance at the benefits,” said Berner. Keith Griffith is a journalist at Realtor.com covering housing policy, real estate news, and trends in the residential market. Previously, his work has appeared in Business Insider, The Street, Chicago Sun-Times, New York Post, and Daily Mail, among other publications. He has a master’s degree in economic and business journalism from Columbia University.
Honoring Our Legends: Join the 2025 Legends Charity Drive The Salt Lake Board of Realtors® has long recognized the remarkable contributions of Realtors® and Brokers who have served in the industry for over 40 years. Featured regularly in Realtor® Magazine, you are celebrated as the very foundation of our profession. Our 2025 Board President, Claire Larson, fondly refers to you as the "Legends" of our industry. Now, we’re inviting you to leave an even more lasting mark through a new annual tradition: the Legends Charity Drive — a tribute to your enduring legacy of giving back. We kindly ask two things of you this year: 1. Make a Donation: Contribute any amount — suggested between $0 and $100 — by scanning the QR code above. 2. Nominate a Charity: When donating, please indicate a local 501(c)(3) charity of your choice to be entered into a drawing. At our Holiday Social, one nominated charity will be randomly selected to receive the full donation amount. All contributing Legends will be recognized at the event for their generosity and leadership. Thank you for your unwavering support, your spirit of service, and your continued dedication to our community. Together, we can make a meaningful impact and uphold the values that deene our Legends as true leaders. A special thank you to the rst Legends who have already donated — your example inspires us all.
Meg Averett Laurence Bailess Brent Barnum Gregg Bohling Russell Booth Gary Cannon Sheridyn Cannon Julie Carli Phil Craig Dave Clark Terry Cononelo
Phil Craig Babs De Lay Robertson De Haan Jerry Dinkelman Robert Farnsworth David Frederickson Linda Geer Bill Heiner Kent Ingram Peggy Knight Leah Krueger
Fred Law Michael Lawrence Ronn Marshall Chris McCandless Miriam McFadden Andrew McNeil Jackie Nicholl George Richards Christopher Ross David Sampson Jeff Sidwell
Skip Smith Trudi Stark Lee Stern Sandy Straley Joan Taylor Hilea Walker Tom Wilkinson Doug Winder Linda Wolcott Sherrill Wood Margene Wrigley
September 2025 Housing Watch Salt Lake County Home Sales Climb as Mortgage Rates Hit Yearly Low Home sales in Salt Lake County climbed to 1,061 units sold in September — a nearly 5% increase from the same month a year earlier, according to UtahRealEstate.com. New listings also rose 6% to 1,477, up from 1,394 last year. As of Sept. 30, total active listings in the county were 20% higher than a year ago. The county’s overall median home price for September reached $555,000, up 3% from $539,200 in September 2024. The median price for single-family homes rose to $637,700, a 3% gain from last year’s $620,000, while multi-family home prices edged down 2% to $415,000 from $425,000. Nationally, home sales were up 4% year-over-year in September, according to the National Association of Realtors®. “As anticipated, falling mortgage rates are lifting home sales,” said NAR Chief Economist Dr. Lawrence Yun. “Improving housing affordability is also contributing to the increase in sales.” Yun noted that inventory has reached a five-year high, though it remains below pre-pandemic levels. “Many homeowners are financially comfortable, resulting in very few distressed properties and forced sales,” he said. “Home prices continue to rise in most parts of the country, further contributing to overall household wealth.” As of Oct. 23, 2025, the 30-year fixed-rate mortgage averaged 6.19%, down from 6.27% the previous week and well below the 6.54% average from a year earlier, according to Freddie Mac. “Mortgage rates continued to trend down as of Oct. 23, hitting their lowest level in over a year,” said Freddie Mac Chief Economist Sam Khater. “At the start of 2025, the 30-year fixed-rate mortgage surpassed 7%, while today it hovers nearly a full percentage point lower. This dynamic has kept refinancings high, accounting for more than half of all mortgage activity for the sixth consecutive week.” The median existing-home price for all U.S. housing types was $415,200 in September, up 2% from $406,700 a year ago — marking the 27th consecutive month of year-over-year price gains. 28 | Salt Lake Realtor ® | November 2025
“Mortgage rates continued to trend down as of Oct. 23, hitting their lowest level in over a year.”
Sam Khater Chief Economist Freddie Mac
Salt Lake County
Source: UtahRealEstate.com
Local Market Update for September 2025 KEY METRICS
NUMBER OF SALES
MEDIAN SOLD PRICE
NEW LISTINGS
UNDER CONTRACT LISTINGS
ACTIVE LISTINGS AS OF AUG. 31
All Housing Types Single Family Multi Family
1,061 742 297
$555,000 $637,700 $415,000
1,477
956
3,273
$539,200 $620,000 $425,000
1,394
1,025
2,731
2.93% 2.85% -2.35%
5.95%
-6.73%
19.85%
COMPARISON TO LAST YEAR 2024
All Housing Types Single Family Multi Family
1,014 689 304
COMPARISON TO LAST YEAR -% DIFFERENCE
All Housing Types Single Family Multi Family
4.64% 7.69% -2.30%
NO. OF SALES 1,061
1,014
MEDIAN SOLD PRICE $555,000
$539,200 2.93%
4.64%
MEDIAN DAYS ON MARKET 42 31 35.48%
ALL HOUSING TYPES SEPT 2024
ALL HOUSING TYPES SEPT 2025
NEW LISTINGS
1,477
ALL HOUSING TYPES SEPT 2024
ALL HOUSING TYPES SEPT 2025
UNDER CONTRACT LISTINGS
ALL HOUSING TYPES SEPT 2024
ALL HOUSING TYPES SEPT 2025
ALL HOUSING TYPES SEPT 2025
ACTIVE LISTINGS AS OF AUGUST 31
1,025
3,273
956
1,394 5.95%
ALL HOUSING TYPES SEPT 2024
2,731
-6.73%
ALL HOUSING TYPES SEPT 2024
ALL HOUSING TYPES SEPT 2025
19.85%
ALL HOUSING TYPES SEPT 2024
November 2025 | Salt Lake Realtor ® | 29
ALL HOUSING TYPES SEPT 2025
Pamela Abbott Robert Davis Judy Allen Brian De Haan Suzanne Allred Babs De Lay George Anastasopoulos Lynn Despain Brent Anderson Jerard Dinkelman Clay Anderson Darlene Dipo Diane Anderson Sally Domichel Sue Avalos Rebecca Duberow Margaret Averett James Dunn Laurence Bailess Carol Edgmon Les Bailey Douglas Edmunds Brent Barnum Bijan Fakhrieh Veda Barrie-Weatherbee Robert Farnsworth Edward Belka Jack Fisher Ken Bell Gale Frandsen Raymond Bennett David Frederickson Richard C. Bennion Howard Freiss Steven Benton Brent Gardner Gregg Bohling Heidi Gardner Russell Booth Paul Gardner Virginia Bostrom Linda Geer Robert Bowles Sheila Gelman Mary Ann Brady J. Carolyn Gezon Stephen Bryant Richard Grow Barbara Burt Klair Gunn Hedy Calabrese James Haines Gary Cannon John Hamilton Tracey Cannon Mark Handy Julie Carli Grant Harrison Carol Cetraro Michael Hatch Scott Chapman Thomas Haycock Garn Christensen Bill Heiner Byron Christiansen Jeffrey Helotes David Clark Marvin Hendrickson Deborah Clark Terry Hill-Black Terry Cononelos Lynda Hobson Jeffery Cook Sheryl Holmes Philip Craig Carol Howell
Gary Huntsman Blake Ingram Kent Ingram Esther Israelson Kevin Jensen Ron Jenson Jeffrey Jonas Steve Judd David Kenney Henry Kesler Douglas Knight Peggy Knight Randall Krantz Leah Krueger Gary Larson Teresa Larson Vann Larson Fred Law Michael Lawrence Shauna Leake Kaye LeCheminant Daniel Lindberg Michael Lindsay Mildred Llewelyn Don Louie Ted Makris Margaret Malherbe Al Mansell David Mansell Dennis Marchant Susan Mark-Lunde Paul Markosian Ronnald Marshall Susie Martindale Christopher McCandless Curtis McDougal Miriam McFadden John McGee
Russell McKague Andrew McNeil Elizabeth Memmott Uwe Michel Gordon Milar Kyle Miller Preston Miller David Moench Gary Monk H.Craig Moody Randal Moore Thomas Morgan Charles Mulford Melanie Mumford Jacqueline Nicholl John Nielson Robyn Nielson Victor Oishi Joseph Olschewski Brent Parsons Joan Pate Yvonne Pauls Derk Pehrson Douglas Pell Robert Plumb David Read George Richards W. Kalmar Robbins Emilie Rogan Marie Rosol Christopher Ross David Sampson Mark Schneggenburger Gary Shiner Jeff Sidwell Kent Singleton Debra Sjoblom Elizabeth Smith
Kenneth Smith Rick Smith Skip Smith Lorenzo Spencer Kenneth Sperling Anna Grace Sperry Robert Spicer Trudi Stark Lee Stern Sandra Straley Gary Strang John Strasser Kevin Strong Thomas Swallow Sonny Tangaro Joan Taylor Rosanne Terry Martin Vander Veur Craig Vierig Hilea Walker H. Blaine Walker Dana Walton Jerry Webber William Wegener David Weissman Jeffrey Wells Jeff White Clayton Wilkinson Thomas Wilkinson Kimball Willey Douglass Winder Robert Wiskirchen James Witherspoon Linda Wolcott Cynthia Wood Sherrill Wood Margene Wrigley
Thoughtfully designed floor plans that feature all main floor living, no-step entry villas, spacious layout with plenty of storage, two suites, with the primary featuring a no-step shower.
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In 2025, the Windermere Foundation gave over $33,000 to support our local community. Every dollar reflected the commitment of our agents. At Windermere, community is not a tagline; it’s our foundation. Grady Kohler PRINCIPAL BROKER
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