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Table of Contents Features 8 Salt Lake City’s Big Bet: Temple Crowds, Olympic Dreams, a New Convention Center, and a River Reborn
Ifti Digital©/Adobe Stock
Dave Anderton
14
14 Salt Lake City Zoning Proposal Aims to Expand Homeownership Options Dave Anderton
18 Sellers Slash Prices at Historic Pace To Lure Buyers Sidelined by Mortgage Rates Snejana Farberov
Salt Lake City Zoning Proposal Aims to Expand Homeownership Options
22 The 4% Mortgage Is Back Allaire Conte
26 Realtors® Tour Washington Square
Columns
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5 More Choices. Harder Decisions J. Scott Colemere – President’s Message
22 The 4% Mortgage Is Back
Departments 6
Happenings
6
In the News
28 Housing Watch
On the Cover:
Cover Illustration: Nadya©/Adobe Stock
Dave Anderton
This Magazine is Self-Supporting
26 Realtors® Tour Washington Square
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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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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PRESIDENT J. SCOTT COLEMERE Colemere Realty Assoc. 1ST VICE PRESIDENT JANICE SMITH CB Realty (Union Heights) 2ND VICE PRESIDENT KIM FARBER Eleven11 Real Estate LLC TREASURER RUSS ORCHARD Century 21 Everest PAST PRESIDENT CLAIRE LARSON Woodside Homes of Utah LLC MEMBERS MORELZA BORATZUK RealtyPath (South Valley) ERIC SANTISTEVAN Engel & Volkers (Holladay)
KRISTEL GOUGH Summit Sotheby's (Draper) LORI KHODADAD CB Realty (Union Heights) DONNA POZZUOLI BHHS UP (N. Salt Lake) CARLYE WEBB Summit Sotheby's INT (Draper)
For several years, buyers' biggest frustration was a lack of choices. Inventory was tight, competition was intense, and the right home rarely allowed time to think.
BRYAN HURD Real Broker, LLC
Today, it's different. Utah now has more than 15,000 homes for sale, the highest inventory level in 12 years. Buyers have more choices, less competition and more negotiating power.
TRISH NICHOLS CB Realty (SL-Sugarhouse)
You'd think they'd be celebrating. Instead, I'm seeing something more complicated.
APPOINTED BOD TONY KETTERLING Equity RE (Advantage)
I recently listed a home under $600,000 that went under contract in less than two weeks. Several beautiful homes I've priced between $630,000 and $1 million have been surprisingly quiet. And a luxury buyer recently canceled after the inspection.
LINDA MASCHER Realtypath LLC (Advisors) PAST PAST PRESIDENT DAWN STEVENS 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
Same economy. Same Wasatch Front. Three very different experiences. There isn't one market. The median single-family home price in Salt Lake County was just above $600,000 earlier this year, almost exactly where I've noticed buyer behavior begin to change. Affordability plays a role. With rates around 7%, monthly payments look very different than a few years ago. We don't need 3% mortgages again; even a move to 6% could meaningfully boost purchasing power. This isn't simply a weak economy, either. The Associated Press reported that the U.S. economy grew at a 2.2% annualized rate in the second quarter. I think the buyer has changed along with the market.
President Dan Miller Office Administrator Cynthia Bell Snow Art Director Jackie Medina Graphic Design Ken Magleby Patrick Witmer
More Choices. Harder Decisions
Sales Staff Paula Bell Dan Miller
Salt Lake Board: (801) 542-8840 e-mail: dave@saltlakeboard.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.
OFFICIAL PUBLICATION OF THE SALT LAKE BOARD OF REALTORS ®
For years, buyers needed us to help them compete. Today, many need us to help them decide. They have more homes, data, calculators and opinions than ever, and AI can analyze properties and financing in seconds. I use AI regularly, but more information doesn't always produce better decisions. Sometimes it produces more uncertainty. What technology can't do is sit across the table from a buyer and understand what they're really trying to accomplish. That's where our value as Realtors® is growing. Information is becoming cheap and universal. Our value lies in interpreting it: understanding the local market, recognizing leverage, negotiating creatively, identifying risk and separating real opportunity from noise. A $500,000 buyer may need a different strategy than a $750,000 buyer. A seller who once named their terms may need a new approach. And a buyer waiting for the "perfect" time may need help telling patience from paralysis. Our clients don't need us to have more information than the internet. They need us to understand what it means. In a market with more choices and more uncertainty, the most valuable thing we offer isn't another answer. It's perspective.
J. Scott Colemere 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
October 2026 | Salt Lake Realtor ® | 5
Happenings Utah Housing Inventory Triples Since 2021, Nearing Buyer’s Market Utah’s housing market is shifting decisively toward buyers. Active residential listings statewide reached 14,955 on Sept. 16 — the highest level in 12 years and more than triple the 4,159 listings available on the same date in 2021, according to UtahRealEstate.com. Inventory is also about 51% higher than in September 2019, before the pandemic. As of early October, active listings had climbed to more than 15,000. With Utah now sitting at just under a six-month supply of homes, the market is approaching the traditional threshold of a buyer’s market. A six-month supply is commonly viewed as the point where conditions begin to favor buyers. For today’s buyers, the dramatic rise in inventory means more choices, less competition and greater negotiating power than during the housing frenzy earlier this decade. For sellers, it means pricing a home correctly from the start is increasingly important.
Salt Lake County’s Median Home Price Reaches $645K Salt Lake County’s median single-family home price climbed to a record quarterly high of $645,000 in the second quarter of 2026, up 4.88% from a year earlier. Demand remains strong as Utah continues to add households and the supply of single-family homes remains limited in many communities—even with elevated mortgage rates. Alpine ranked as the Wasatch Front’s most expensive ZIP code at $1.55 million, followed by Huntsville at $1.36 million and Eden at $1.34 million.
Wasatch Front's 10 Most Expensive ZIP Codes for Homebuyers Single-Family Houses Median Price Q2 2026 Percent Change Year Over Year
In the News Aging homeowners could ease housing shortage, but not for starter homes An aging population could soon return millions of homes to the market, but they may not be the homes buyers need most, according to a new report from Realtor.com. Between 2026 and 2036, an estimated 13.9 million homes owned by baby boomers and the Silent Generation will be released from older owner occupancy, the report found. The annual pace is expected to rise from about 1.27 million homes in 2027 to 1.52 million by 2036. If just 45% of the homes released in 2027 were listed for sale, that alone could restore listings to pre-pandemic levels. But the so-called “silver tsunami” may do little to ease the shortage where it is most severe. Only about 380,000 of the homes will have two or fewer bedrooms, while nearly three-quarters will be three- or fourbedroom family homes. Older buyers may also compete for smaller homes. About 30% of recent buyers of starter-sized homes were 60 or older, Realtor.com found. “The primary solution to the starterhome shortage remains more new construction,” said Jiayi Xu, senior economist at Realtor.com. At the same time, demand may soften. Harvard’s Joint Center for Housing Studies projects U.S. households will grow by 8.6 million between 2025 and 2035, far slower than the previous decade. Xu said the effects will likely vary by market and home type rather than produce a nationwide correction. Areas with older populations and slower growth, such as Pittsburgh and Buffalo and Rochester, New York, may be most exposed, according to the National Association of Home Builders.
6 | Salt Lake Realtor ® | October 2026
Salt Lake City’s Big Bet: Temple Crowds, Olympic Dreams, a New Convention Center, and a River Reborn Millions of visitors are coming. Here’s how the capital is getting ready. By Dave Anderton
More than 6 million people are expected to visit the reopened Salt Lake Temple next year. Not one of them will be able to buy lunch there. That detail, shared Sept. 28 with members of the Salt Lake Board of Realtors®, is exactly what excites city officials. With no food on site, those visitors will pour onto Main Street and into downtown restaurants and shops. The temple open house is one of two landmark events bearing down on Salt Lake City. The other is the 2034 8 | Salt Lake Realtor ® | October 2026
Olympic and Paralympic Winter Games. To get ready, the city and its private partners are rebuilding the convention district, redesigning the Civic Center and launching a new neighborhood on the west side. The city heads into that stretch with strong economic credentials. The Salt Lake City area ranked No. 3 among large U.S. metropolitan areas in the Milken Institute’s 2025 Best-Performing Cities Index. Arizona State University’s Center for the Study of Economic Liberty gave Salt Lake City the highest ease-of-doing-business
Visitors are keeping pace. Downtown venues such as the Delta Center and the Eccles Theater drew 4.7 million attendees in 2025, up 16% from 2024. The city also tracks what it calls “customer days,” drawn from cellphone data. A customer day is a downtown visit lasting more than 90 minutes, long enough that a visitor is likely to buy coffee, shop or eat. Customer days jumped from 20 million in 2024 to 30.7 million in 2025. The new residents skew toward working professionals, and roughly 1 in 5 do not own a car. One figure is strikingly small: Green space covers just 1.9% of downtown land. The temple will add to that momentum. After years of closure for renovation, the Salt Lake Temple will hold a six-month public open house starting in April 2027. The event is expected to generate an estimated $320 million in spending. Demand is already clear. About 1 million tickets were claimed on the first day, Thomas said. For downtown businesses, and the owners of the buildings that house them, the open house will be both a stress test and a showcase.
Rebuilding the convention district At the heart of what the city calls its sports, entertainment, culture and convention district sits the Delta Center. Two offseasons of construction have produced a rebuilt lower bowl that shifts between two seating layouts. Whether the Utah Jazz are on the court or the Utah Mammoth are on the ice, fans now get a clear view of the action.
Nicholas J. Klein©/Adobe Stock
score among more than 80 North American cities, a result reflecting favorable regulations and businessfriendly policies. Two speakers walked members through what is being built to meet that moment. Blake Thomas, senior adviser in the Salt Lake City mayor’s office, covered downtown’s growth and the city’s major public projects. Carl Duke, executive vice president of real estate development for the Larry H. Miller Company, then made the case for the Power District, a 100-acre development on the city’s west side.
Counting the crowds Downtown housing has nearly doubled since 2021, rising from about 7,000 units to about 13,000, according to the city. Thomas called that a conservative figure based on census tracts and said the true count is likely higher.
The work is paid for in part by a citywide 0.5% sales tax approved in 2024. The tax runs for 30 years and is capped at $900 million. Groceries bought at grocery stores are exempt, as are large purchases such as cars. Restaurant meals are taxed. The Kem C. Gardner Policy Institute at the University of Utah estimated that most of the tax will be paid by people who live outside Salt Lake City. In exchange, the teams are committed to downtown for 30 years. A forthcoming Gardner Institute report puts the arena’s annual economic impact at more than $800 million, Thomas said. The deal also created a public benefits fund. A fee of $1 to $3 on each Delta Center ticket supports affordable housing, public art, improvements on 100 South, workforce development and public safety. The agreement requires a police station or substation in the district. In February, Smith Entertainment Group signed a purchase and sale agreement with Salt Lake County for 6.5 acres of the Salt Palace block. The county secured financing in the last legislative session to rebuild the convention center. The new building will rise higher to make up for the smaller footprint and will handle larger events. October 2026 | Salt Lake Realtor ® | 9
Nicholas J. Klein©/Adobe Stock
The long-term plan adds a grand east lobby to the Delta Center. The parking ramp along 300 West would come down, replaced by a paseo, a pedestrian walkway lined with shops, restaurants and bars. Visitors could walk from the arena to West Temple, across from City Creek Center and Temple Square, through blocks that have long discouraged foot traffic. Plans are not final but contemplate a year-round, 6,000seat indoor music and entertainment venue, offices, housing and likely a hotel. Abravanel Hall will stay, with better acoustics and backstage upgrades, a decision Thomas credited to community feedback. The Utah Museum of Contemporary Art will move temporarily and return to the rebuilt convention center. Demolition near the Delta Center begins in February 2027, with Salt Palace work starting around September 2027. The convention center is planned as a three-year project, though partners are pushing to finish in 18 months. Asked how construction would affect traffic during the temple open house, Thomas pointed to a working group of Salt Lake County, Smith Entertainment Group, the city and The Church of Jesus Christ of Latter-day Saints. Most staging will happen inside the site so key roads stay open. The Salt Palace is booked through its final events in August or September 2027. Organizers are lining up other venues, including the Mountain America Expo Center in Sandy, to keep conventions in the region. Multiday volleyball tournaments, Thomas noted, are Nikokvfrmoto©/ Adobe Stock
10 | Salt Lake Realtor ® | October 2026
among downtown’s biggest sources of visitor spending. Visit Salt Lake is developing programs, such as lunch promotions for construction workers, to support nearby restaurants. The city has also consulted peer cities, including Austin, Texas, that went through similar rebuilds.
Remaking the Salt Lake City Civic Center The public’s verdict on Library Square was nearly unanimous: It’s too hot, and the pavers wobble. That was the feedback when the city surveyed residents about the Civic Center. The historic name covers Washington Square, home of the City and County Building, and Library Square across the street. Thomas said no project had drawn more uniform feedback. The blocks draw hundreds of thousands of people a year for the Twilight Concert Series, the Living Traditions Festival, the Salt Lake City Marathon finish, the Utah Pride Festival and the winter farmers market. The main library alone logged 1.3 million visits last year. The city hired Seattle-based landscape architecture firm GGN, known for the Lurie Garden in Chicago, to redesign the space. The hills on Library Square are not natural; they sit on 6- to 8-foot foam blocks buried beneath the grass, a design popular about 20 years ago
that has not held up. The main entrance drops away like a moat, the amphitheater does not meet ADA standards and the fountain has been broken for years. The plan levels the site and opens clear sightlines for public safety. It adds a shaded “living room” with patios, seating and a water feature that can be switched off for concerts, drawing on New York’s High Line and Boston’s Rose Kennedy Greenway. The entrance would come up to street level with a protected bike lane, and the children’s library would remain. The redesign is meant to handle concerts of about 15,000 people while working better on an ordinary weekday. It should also relieve Washington Square, where crowds seeking shade are damaging the grass and trees. A parking garage below limits where new trees can go, so the design adds canopy wherever it can. All proposed landscaping is water-wise and low maintenance, Thomas said. Grant money is in hand for an all-abilities playground to serve library families and youth programs moving into the former Leonardo building, which will also house city employees in a partnership with the state. The city is considering projections on the Leonardo’s Brutalist facade. The larger goal is an Olympic legacy site, much as Centennial Olympic Park became for Atlanta.
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Greening the streets
Building the Power District
When the city rebuilt 900 South with a separated trail and better bus service, property values along the corridor rose about 1.5 times faster than the city average, according to a city analysis.
Four miles separate Poplar Grove from the Avenues. So do 12 years of life expectancy.
Daily bus ridership climbed from about 800 to about 2,500. A counter on the 9-Line trail logged roughly 400,000 walking and biking trips last year, with little drop in winter. The street is now home to boutique shops and James Beard Award finalists. The idea dates to Downtown Rising, a Salt Lake Chamber vision from 20 years ago that called for green boulevards across the city. The city recently won an $11.5 million grant from the Bezos Earth Fund to add shade and landscaping along a sparse stretch of the trail near Liberty Park. Design work is underway on 500 West, and the city is studying a green corridor on 200 East after a popular pop-up demonstration. The projects do not close streets to cars. The aim is cooler, more walkable streets after a summer of record heat, ready for the world’s attention in 2034. Other investments headed downtown include a Western Governors University campus and an Intermountain Health urban hospital. During questions, Thomas said The Gateway is pivoting toward office and flex space. The Utah Transit Authority is studying a streetcar serving North Temple, though double-tracking FrontRunner ranks higher for funding. The city is planning on the assumption the streetcar will eventually be built.
12 | Salt Lake Realtor ® | October 2026
Duke used that gap to explain why the Larry H. Miller Company is betting on Salt Lake City’s west side. The area is a health care desert, he said, and residents west of Interstate 15 have no general merchandise store, so they cannot easily buy even a pair of socks. He said a health care announcement is expected next month. “We build places where life takes place,” Duke said of the company. The Miller family built its name on Megaplex theaters, the Salt Lake Bees, the Utah Jazz and auto dealerships. After selling the Jazz and the dealerships beginning in 2020, it reinvested heavily in Utah real estate, including Daybreak, where a new Bees ballpark anchors the Downtown Daybreak neighborhood. Gail and Larry Miller both grew up on the west side. The family’s West Side Community Grant endowment has given about $1.5 million to more than 70 local businesses and nonprofits. The Power District covers 100 acres between Redwood Road and the Utah State Fairpark, ringed by Interstates 15, 80 and 215. About 70 acres came through a longterm purchase from Rocky Mountain Power. Duke urged Realtors® to drive North Temple west of I-15. More than 4,000 housing units have been added there since the pandemic, he said, with about six developments under construction and thousands more planned. Then there is the Jordan River. The Wasatch Front has long built up to the river and turned its back on it, despite about 44 miles of trail in Salt Lake County. After
Jeremy©/ Adobe Stock
a national search, the company hired James Corner Field Operations, designers of Manhattan’s High Line, to reimagine the river as a regional destination. Public input is just beginning. The first building to rise is Rocky Mountain Power’s new headquarters, a 10-story, 300,000-square-foot tower about 170 feet tall. It tops out this month, with glass going up in December. The Larry H. Miller Company is the fee developer, managing about $500 million in Rocky Mountain Power construction in Salt Lake City. Duke said the region is one of the few in the country still building office space at scale. Nearby, a 280-unit luxury apartment building is set to break ground Dec. 1. Much of North Temple’s new housing consists of small units near transit; 31% of this building will be two- and three-bedroom apartments for families.
needs to be a successful development, regardless of what MLB decides,” Duke said. He declined to speak for the Miller family on baseball itself. The site already has the costliest piece of any large development: transportation infrastructure. Crews removed 40,000 gallons of diesel from the water table and added culinary water and storm sewer lines. Duke said the district will return more water to the valley than the site uses today. Rocky Mountain Power’s nearby Gadsby plant draws river water for cooling, which will end when the plant is decommissioned, and urban housing uses little turf.
Planning for growth Utah adds about 50,000 people a year through births and migration, Duke said, and most settle along the Wasatch Front.
A Tempo by Hilton hotel, a select-service brand, is headed into city permitting around February, with groundbreaking planned for July 2027. Duke said the hotel will sit one stop from the airport and two from downtown.
He acknowledged the wave of large projects can feel intimidating but said the region needs it. More supply is the best way to ease housing prices, he said, and master-planned communities grow more sustainably than the patchwork development of the past.
The company is also finalizing development rights on part of the Fairpark now used for dirt parking. It would build a garage to replace those spaces. The site is planned to fit a Major League Baseball stadium. State law requires at least 30,000 seats. The ballpark would take about 14 acres and a full ballpark district closer to 30.
For Realtors®, both presentations sketched a map of where demand is heading. Downtown is filling with residents and visitors. The convention district and Civic Center are being rebuilt for the Olympic spotlight. And the west side is lining up the jobs, housing, hotel rooms and riverfront that could make it one of the valley’s most watched markets over the next decade.
But the project does not hinge on MLB. The company has bought the land, the housing and hotel are moving ahead and alternate plans center on the river. “This
Dave Anderton is the communications director of the Salt Lake Board of Realtors®. October 2026 | Salt Lake Realtor ® | 13
Ifti Digital©/Adobe Stock
Salt Lake City Zoning Proposal Aims to Expand Homeownership Options Zoning changes could potentially allow as many as 5,000 small starter homes to be created throughout Salt Lake City. By Dave Anderton
With the income needed to afford a single-family home in Salt Lake City now far exceeding what a typical household earns, housing advocates are urging city leaders to remove zoning barriers that limit the construction of smaller, more affordable homes. Representatives from the Salt Lake Board of Realtors®, Wasatch Advocates for Livable Communities and the Utah Housing Coalition gathered ahead of a Salt Lake City Planning Commission public hearing in September to support the city’s proposed Expanding Housing Options initiative. The proposal would allow a broader range of housing, including duplexes, triplexes, fourplexes and small-lot homes, in residential areas where those options have been restricted. 14 | Salt Lake Realtor ® | October 2026
Matthew Clewett, vice president of public policy for the Salt Lake Board of Realtors®, said the growing disparity between household incomes and home prices underscores the need for new approaches to housing. Every quarter, the Board publishes its Municipal Affordability Tracking Report, which measures home prices and the household income required to afford them throughout Salt Lake County. Clewett said a household now needs to earn roughly $194,000 a year to afford a typical single-family home in Salt Lake City, based on HUD guidelines. That estimate assumes a 10% down payment and the common rule that housing costs should take up no more than 30% of a household's income. However, many homes in the area can be bought on a lower income, and buyers have
a range of options depending on location, size and type of housing. Clewett said municipal regulations have contributed to a shortage of “missing middle” housing — smallerscale housing such as duplexes, triplexes and fourplexes that can provide more attainable options between apartments and traditional single-family homes. He praised Salt Lake City officials for considering zoning changes that could make those housing types easier to build. Clewett cautioned, however, that zoning reform alone will not solve the affordability crisis. “This isn’t a silver bullet,” Clewett said, adding that the city has taken several steps in the right direction. Expanding missing-middle housing, he said, could provide additional opportunities for people trying to achieve homeownership. Clewett also warned about the long-term consequences if cities fail to address housing affordability. Without action, he said, communities risk reaching a point where the majority of residents cannot afford to buy a home unless they already own one. That outcome would make homeownership increasingly difficult for younger generations and first-time buyers.
Smaller Homes, Smaller Lots Turner Bitton, executive director of Wasatch Advocates for Livable Communities, said his organization has worked for nearly three years to expand housing choices in Salt Lake City. The organization filed a zoning text amendment in December 2024 that sought to legalize additional housing types, including fourplexes and smaller starter homes. Bitton cited polling conducted by his organization showing that 74% of Salt Lake City residents are very concerned about housing costs and 76% believe the city has not done enough to address the housing crisis. The poll also found 63% support allowing duplexes, triplexes and fourplexes in residential neighborhoods. He also pointed to a recently released Kem C. Gardner Policy Institute housing report that found homeownership remains beyond the reach of an estimated 91% of Utah renters. Bitton said allowing smaller homes on smaller lots could help restore the starter-home segment of the market. His organization estimates that zoning changes could potentially allow as many as 5,000 small starter homes to be created throughout Salt Lake City, although actual development would depend on lot dimensions and other requirements.
October 2026 | Salt Lake Realtor ® | 15
Dave Anderton
He also challenged arguments that allowing additional housing types would fundamentally change the character of Salt Lake City’s neighborhoods. Duplexes, triplexes and fourplexes, he said, already exist throughout the city, including in established neighborhoods such as the Avenues.
One Piece of a Larger Solution Zoe Newman of the Utah Housing Coalition said Utah’s affordability challenges extend beyond homeownership. According to Newman, Utah has only 28 affordable and available rental homes for every 100 extremely low-income renters and faces a shortage of more than 44,000 affordable homes for those households. She said zoning reform should be combined with other strategies, including investments in deeply affordable housing, rental assistance and preservation of existing affordable homes.
Allowing smaller lots and more diverse housing types will not solve the affordability crisis by itself, Newman said, but removing unnecessary regulatory barriers could make it easier to produce homes across a broader range of prices. That message was echoed by Clewett, who said municipalities have an important role to play in addressing a housing problem that has become increasingly difficult for younger and moderate-income households. For the Salt Lake Board of Realtors®, expanding housing options represents another opportunity to increase supply and provide more paths to homeownership. “We have the option, as residents, as city councils, as municipal leaders, to take action now,” Clewett said. Dave Anderton is the communications director of the Salt Lake Board of Realtors®.
Jaskaran Kooner©/Adobe Stock
16 | Salt Lake Realtor | October 2026 ®
Sellers Slash Prices at Historic Pace To Lure Buyers Sidelined by Mortgage Rates In Salt Lake City, one-third of all active listings last month came with a discount, followed by Denver (31.5%) and Portland, OR (31.3%). By Snejana Farberov Realtor.com® Surging mortgage rates chilled the housing market in September, forcing sellers to slash prices at historic levels to revive slipping demand.
This surge in price cuts aligns with broader housing market shifts, including accelerating inventory growth and plunging pending sales.
Nationally, the share of listings with price cuts reached 20.8%, up 0.9 percentage points year over year, exceeding 2025 levels for the first time in 2026, according to the latest Realtor.com® monthly housing market trends report. This marks the highest September price-reduction rate since 2018 and the highest overall for any month since October 2022.
Simply put, as mortgage rates topping 7% push wouldbe buyers to the sidelines, leaving homes to pile up on the market, motivated sellers are willing to capitulate on price just to get to the closing table.
18 | Salt Lake Realtor ® | October 2026
“A lot of the people selling right now have to sell rather than simply choosing to sell—because of a job relocation, divorce, debt, or another life event—so they
(20.7%), while the South settled in the middle (21.8%). Unsurprisingly, given the regional storyline, Western markets led the nation in price cuts at the metro level. In Salt Lake City, one-third of all active listings last month came with a discount, followed by Denver (31.5%) and Portland, OR (31.3%). Faucette, the Salt Lake City broker, said that rising interest rates have made local homes less affordable, sapping buyer demand and leading to a buildup of inventory. Consequently, buyers now have significantly more options, as well as more negotiating power. “Sellers are no longer just competing against the market; they’re competing against the house down the street,” said Faucette. “If they want to be the home that sells instead of their neighbor’s, they have to be competitive on price, condition, and terms.” In Denver, sellers are facing a similar high-supply, lowdemand reality, with the metro currently sitting at more than four months of inventory. “Sellers who priced their homes based on where the market was a year or two ago, are increasingly being
ELENA AI©/Adobe Stock
have to meet buyers where they are,” Russell Faucette, principal broker and co-founder of Omada Real Estate in Salt Lake City, tells Realtor.com. According to the data, this trend is national in scope: All four regions and 36 of the 50 largest metros are now running above their year-ago price-cut shares. “Demand rarely picks up much this time of year regardless, but the rate environment and underlying geopolitical uncertainty made sure the housing market’s fall stall came early this year,” noted Realtor. com senior economist Jake Krimmel.
West leads the U.S. in price cuts While Realtor.com analysts previously expected to see market softness in the Midwest, the West proved to be September’s weakest regional market, recording the largest year-over-year increase in price cuts, which surged 1.8 percentage point to 22.8%. Conversely, price reductions remained least common in the undersupplied Northeast (15.2%) and Midwest October 2026 | Salt Lake Realtor ® | 19
forced to confront where the market actually is today, and where it’s going tomorrow,” Michelle Schwinghammer, real estate agent at West + Main Homes in Denver, tells Realtor.com. “Price reductions are, in many cases, an attempt to catch up with the market late, rather than getting ahead of it from the get-go.”
Why price cuts aren’t cutting it Despite widespread reductions, brokers maintain that simply slashing the asking price fails to address the broader affordability concerns. “This is much more interest-rate-driven than price-driven,” said Faucette. “Home prices may be softening, but affordability hasn’t necessarily improved. Roughly speaking, a 1-percentagepoint increase in mortgage rates can reduce a buyer’s purchasing power by around 10%.” For example, a buyer who could afford a $500,000 home at a 6% interest rate may have similar purchasing power at around $450,000 at 7%. The Utah broker stresses that home prices have not fallen enough to offset that difference. “So even though sellers are reducing prices, it hasn’t necessarily brought more buyers into the market,” added Faucette. “In many cases, higher rates have actually reduced the buyer pool even further.” Schwinghammer said that in her conversations with potential buyers, the prevailing consensus is that everything is too expensive to make a major financial move, and modest price cuts alone are not moving the needle. “It’s not just the price of the house. Insurance costs have become outrageous, while gas, energy, and grocery prices are putting enormous pressure on household budgets just to cover basic necessities,” said the agent. “A price reduction on a house doesn’t solve an affordability problem that extends well beyond the mortgage payment.” Whether effective or not, price cuts are here to stay so long as interest rates remain elevated. “I do expect prices to continue to soften,” said Faucette. “I also think we’ll see seller concessions become even more important—particularly concessions that allow buyers to buy down their interest rate and lower their monthly payment.” Schwinghammer noted that sellers who lack the luxury of waiting for the market to improve feel like they have no choice but to trim prices.
ink drop©/Adobe Stock
20 | Salt Lake Realtor ® | October 2026
“That includes buy-before-you-sell borrowers, people relocating out of state, sellers facing financial pressure, including short-sale situations, and others who have a specific reason
they need to transact this year,” she said. “Whenever a seller has to sell, the market has a way of making the pricing conversation much harder to ignore.”
Delistings flatline Delistings, traditionally another key marker of a struggling housing market, held steady at 5.6% in September at the national level, signaling that sellers were not pulling homes off the market en masse. However, headline numbers mask dramatic regional divergence. In Salt Lake City, sellers are delisting at high rates as active inventory continues to expand. “That shows there are two very different groups of sellers in today’s market,” said Faucette. “Sellers who need to sell are adjusting their price, offering concessions, and doing what they need to do to compete. Sellers who don’t have to sell are much more likely to pull the home off the market rather than accept a lower price or terms they aren’t comfortable with.” Likewise, in Denver, Schwinghammer said that delistings have been elevated all year and they are only increasing as the market moves into the slower fall and winter seasons.
“Many of those sellers are likely taking their homes off the market for now, planning to try again in the spring,” said the agent. “That may not be a great strategy, particularly if inventory continues to rise and rates do as well next year.”
What’s in store for the market Looking ahead, Krimmel said it’s important to monitor how sellers respond to even tougher market conditions. “This is the time of year when leverage usually shifts more toward buyers, but unexpectedly higher mortgage rates means even fewer buyers are showing up than normal this fall,” he noted. Key benchmarks to keep an eye on include the depth of price cuts, whether some sellers slash prices multiple times in quick succession, and whether that approach actually yields more signed contracts. “Also, pending sales and inventory growth have been diverging for a few months now, a sign of stagnation that will be worth following in October,” he said. Snejana Farberov is a reporter at Realtor.com covering the U.S. housing market and the latest domestic real estate trends. Reprinted with permission from Realtor.com®.
October 2026 | Salt Lake Realtor ® | 21
The 4% Mortgage Is Back Nearly 1 in 7 new-construction listings advertised reduced interest in August. By Allaire Conte Realtor.com® The 4% home loan is back—and for buyers, it looks like a gift. For everyone else, it may be more complicated. Nearly 1 in 7 new-construction listings advertised reduced interest in August, according to a new Realtor. com® analysis, with an average advertised rate of just 3.92%. The typical 30-year fixed mortgage rate for everyone else, meanwhile, was 6.67%. 22 | Salt Lake Realtor ® | October 2026
“A sub-4% mortgage rate is extremely valuable, even for just a year or two, because it significantly cuts your early interest costs and builds home equity much faster,” Jeremy Olsher, a Florida-based real estate agent explained. On a median-priced $450,000 new home with 20% down, the difference between those mortgages works
potentially keeping prices higher for those shopping without it.
Builders are competing on the monthly payment Reduced rates aren’t the only strategy that builders are using to sweeten the deal of buying new construction: Nearly 1 in 5 listings advertised an incentive of some kind in August. But rate reductions were by far the most common— appearing on 13.8% of listings, compared with just 4.8% for flex cash, the next most-common incentive. That dominance offers a clue about what builders are trying hardest to solve: the monthly payment. Just 1.4% of new homes priced between $100,000 and $200,000 advertised a reduced rate. The share climbed with price, peaking at 17.1% among $500,000 to $750,000 homes, followed by 15.8% among those priced from $750,000 to $1 million. That concentration puts the promotions squarely into move-up territory, where buyers may face a particularly difficult hurdle: giving up the cheap mortgage on the home they already own. Nearly 88% of existing-home owners with mortgages still have a rate below 6%, and the report notes a reduced builder rate may help overcome the “psychological hurdle” of giving that up. The strongest clue about how builders are using the incentive comes from the local data. In San Antonio, TX, where the median new-construction listing price is about $330,000, reduced rates cluster in the $350,000 to $500,000 range. In Denver, where the median is nearly $639,000, they cluster in the $500,000 to $1 million range. The report links that shift to competition: Builders tend to concentrate incentives on inventory facing more competitors. The offers aren’t simply following expensive homes; they are following the parts of local markets where builders have more reason to fight for a buyer. Kirk Fisher©/Adobe Stock
out to about $614 less in principal and interest each month, or nearly $7,400 a year. It’s real affordability relief in a market that’s showing signs of strain from elevated borrowing costs. Median list prices fell 1.3% year over year in August, the 10th straight annual decline, while 20.4% of listings took a price cut, the highest share of 2026. And by Thursday, the market rate had climbed again to 6.76%, its highest level since June 2025. But when builders deploy the strategy at scale, it can also reduce some of the pressure that high mortgage rates would otherwise put on home prices—helping buyers with subsidized financing afford more while
And one way to win that buyer is to compete on the mortgage payment instead of the home price.
Builders are spending heavily to make the math work But creating those lower payments comes at a cost, and builders are picking up the tab. Lennar reported that sales incentives (including primarily price discounts and financing incentives) averaged $62,700 per home in fiscal 2025, or 13.8% of home-sale revenue. That was up from $42,900, or 8.8%, two years earlier. PulteGroup reported a similar increase, with incentives reaching 10.9% of gross sales price in the first quarter of 2026, up from 8% a year earlier. Its home-sale gross margin fell to 24.4% from 27.5%, with the company citing higher incentives as one factor. October 2026 | Salt Lake Realtor ® | 23
Brett©/Adobe Stock
The question, then, is why would builders absorb that cost instead of doing what sellers elsewhere in the market are increasingly doing—cutting the price? An analysis by the American Enterprise Institute Housing Center provides one possible explanation. AEI estimated that reducing a mortgage rate by 1 percentage point costs a builder roughly 3.2% of the sale price. Producing approximately the same reduction in the buyer’s monthly payment through a price cut would require a roughly 10% reduction in price.
builder incentives were most prevalent illustrates how large that difference can be. Compared with 6.67%, monthly principal and interest would be about $450 lower in San Antonio and $871 lower in Denver, assuming 20% down. And if a buyer keeps the same monthly payment instead of pocketing the savings, the lower rate supports roughly $95,000 to $184,000 more mortgage debt across those markets.
That makes the financing subsidy expensive, but potentially much cheaper than reducing the home price enough to deliver the same monthly payment.
That extra purchasing power is the source of both the opportunity and the tension, as Joel Berner, senior economist at Realtor.com and author of the report, explained.
Applying the national average advertised rate of 3.92% to median new-home prices in the 10 metros where
“If new-home prices get propped up by rate incentives, buyers paying the same monthly payment
24 | Salt Lake Realtor ® | October 2026
could have a larger loan balance on the discounted mortgage rate than they would have at a market mortgage rate,” he said.
Are reduced rates actually keeping prices higher? Recent research provides a reason to test for that possibility. In a 2026 Brookings report, University of Pennsylvania economist Joe Gyourko included interest-rate buydowns among demand-side affordability policies that can put upward pressure on prices. So, if builders are making that trade at scale, the natural place to look next is what has happened to new-home prices. Nationally, the trends are consistent with the possibility Gyourko identified. New-construction listing prices were down just 0.3% from a year earlier in August, compared with a 2.5% decline for resale homes. Locally, however, it looks a lot messier. If rate subsidies were broadly cushioning prices, you might expect the pattern to be especially clear where builders rely most heavily on incentives. It isn’t. Among the 10 metros where builder incentives of any kind were most prevalent, new-construction prices outperformed resale prices in 4 and underperformed in 6. In Denver, new-home prices fell 1.6%, compared with a 5.7% drop for resale homes. In Durham–Chapel Hill, NC, the relationship reversed: New-home prices fell 8.5%, versus just 1.2% for resale.
larger loan balance that a lower rate can support could become a liability. “This higher loan balance, if combined with falling home prices, could lead to buyers ending up underwater—owing more on their home than it’s worth,” he said. Pravettone puts the trade-off more starkly. “Incentives solve affordability today, but they can create equity, refinance, and resale problems tomorrow,” he said. “Buyers who purchase at incentive-supported prices are exposed to risks that the market does not see until the incentives disappear.” Allaire Conte is a senior advice writer covering real estate and personal finance trends. Reprinted with permission from Realtor.com®.
Statement of Ownership, Management and Circulation 1. Location of known Office of Publication: 772 E. 3300 S., Suite 200, Salt Lake City, Utah 84106 2. Location of known Headquarters of General Business offices of the Publisher: 772 E. 3300 S., Suite 200, Salt Lake City, Utah 84106 3. Publisher: Mills Publishing, Inc., 772 E. 3300 S., Suite 200, Salt Lake City, Utah 84106 4. Editor: Dave Anderton, Salt Lake Board of Realtors, 230 W. Towne Ridge Parkway, Suite 200, Sandy, Utah 84070 5. Owner: Salt Lake Board of Realtors, 230 W. Towne Ridge Parkway, Suite 200, Sandy, Utah 84070 6. Known bondholders, mortgages, and other security holders owning or holding 1 percent or more of total amount of bonds, mortgages or other securities: None. 7. Extent and nature of circulation: Average No. Copies Each Issue During Preceding 12 Months
The sale price doesn’t tell the whole story Even if the data can’t prove a widespread price effect, the mortgage industry already recognizes that subsidized financing can affect the market. Freddie Mac has warned appraisers to account for financing and sales concessions when analyzing comparable sales, noting that builders may use buydowns in new subdivisions to “drive interest and support higher prices.” “I emphasize to clients and appraisers that concessions, especially rate buydowns, are not ‘free,’” said Joseph Pravettone, chief appraiser at Atlas VMS. “They are price influencers, and if we fail to analyze them properly, we risk supporting contract prices that do not reflect market value.” That risk can compound when an owner needs to sell. “If buyers unexpectedly need to move, they lose the discounted rate they just paid for while trying to sell a home purchased near record-high prices,” said Jon Brooks, housing market analyst and co-founder of Momentum Realty. “They may also compete against the builder’s new inventory, which comes with incentives they cannot offer to a resale buyer.” And if home prices fall at the same time, Berner said the
Copies of Single Issue Published Nearest to Filing Date
A. Total Numbers of Copies Printed
9,593
9,510
1. Mailed Outside-County Paid Subscriptions
2,785
2,778
2. Mailed In-County Paid Subscriptions
6,608
6,607
3. Paid Distribution Outside the Mails, including Sales Through Dealers and Carriers, Street Vendors, Counter Sales, and Other Paid Distribution Outside USPS
0
0
4. Paid Distribution by Other Classes of Mail
0
0
C. Total Paid Distribution
9,395
9,385
1. Free or Nominal Rate Outside-County Copies
0
0
2. Free or Nominal Rate In-County Copies
25
25
3. Free or Nominal Rate Copies Mailed at Other Classes through the USPS
0
0
4. Free or Nominal Rate Distribution Outside the Mail
0
0 0
E. Total Free or Nominal Rate Distribution
0
F. Total Distribution
9,418
9,410
G. Copies Not Distributed
175
100
H. TOTAL
9,593
9,560
I. Percent Paid
99%
99%
8. I certify that all statements above are correct and complete.
Dan Miller, President of Mills Publishing, Inc. 9/30/2026
October 2026 | Salt Lake Realtor ® | 25
Realtors® Tour Washington Square Members of the Salt Lake Board of Realtors® Government Affairs Committee toured the Salt Lake City and County Building in September as part of an ongoing effort to educate members on local developments and build relationships with municipal leaders. City officials briefed the group on upcoming projects, including the convention center, Delta Center, Library Square, and growth projections leading up to the 2034 Winter Olympic Games. Completed in 1894 on Washington Square, where early pioneer wagon trains camped in 1847, the Richardsonian Romanesque landmark served as Utah's capitol until 1916. Built of locally quarried sandstone and topped by a clock tower bearing a statue of Columbia, it was listed on the National Register of Historic Places in 1970. A 1989 restoration made it one of the world's first historic buildings retrofitted with seismic base isolation. 26 | Salt Lake Realtor ® | October 2026
Photos: Dave Anderton
October 2026 | Salt Lake Realtor ® | 27
August 2026 Housing Watch Fewer Sales, More Choices: Salt Lake County’s August Housing Market Salt Lake County buyers have more homes to choose from than they did a year ago, and fewer of them are buying. Home sales in the county fell 12.5% in August, dropping to 987 from 1,128 in August 2025, according to data from UtahRealEstate.com. At the same time, active listings at the end of the month climbed 15.1% to 3,776, up from 3,282 a year earlier. Prices barely moved. The countywide median sales price for all housing types slipped 0.7% to $550,000, compared with $553,829 a year ago. Sales lose their summer momentum August reversed a modest gain from July, when countywide sales had risen 3.3% year over year to 1,173. Single-family homes drove the decline. Sales fell 16.6% to 669, down from 802 in August 2025. Multifamily sales, which include condominiums and townhomes, held up better, slipping 3.5% to 299 from 310. The pipeline points to more of the same. Homes under contract at the end of August totaled 905, down 11.4% from 1,022 a year earlier. Because pending sales typically close within 30 to 60 days, that drop suggests September sales could also come in below last year’s pace. Prices rise by type, slip overall
“The ample supply of homes for sale on the market is giving homebuyers better opportunities to negotiate.”
Lawrence Yun Chief Economist National Association of Realtors®
The countywide median fell slightly, yet prices rose within each housing type. The single-family median climbed 2.3% to $640,000 from $625,500. The multifamily median rose 1.5% to $439,990 from $433,525. The explanation is the mix of homes sold. Single-family homes, which sell for far more than condos and townhomes, made up a smaller share of August sales than a year ago. With fewer high-priced homes in the count, the overall median edged down even though both categories gained. More homes on the market Sellers kept listing even as buyers slowed. New listings rose 9.3% to 1,628 in August, up from 1,489 a year earlier. That combination is rebuilding inventory. Homes that are priced right are still moving. The median cumulative days on market for all housing types fell to 39 from 40 a year ago, though it rose from 36 in July. Single-family homes sold in a median of 32 days, down from 35, and multifamily properties in 49 days, down from 55. The national picture Salt Lake County’s slowdown was steeper than the nation’s. Existing-home sales nationwide fell 2.0% from July and 1.2% from a year earlier, to a seasonally adjusted annual rate of 3.98 million, according to the National Association of Realtors®. Sales had not fallen below 4 million since June 2025. In the West, sales held steady from July but declined from a year earlier. “Mortgage rates and home sales move in opposite directions, so it’s not surprising to see a mild dip in home buying activity due to high mortgage rates,” said NAR Chief Economist Lawrence Yun. Yun noted that existing-home sales are still up 1.6% through the first eight months of the year. He credited demand to rising wages, which grew 3.1% in August, and the 643,000 net new jobs added since the start of the year. National prices kept climbing. The median existing-home price rose 1.6% to $429,100 from $422,400, marking the 38th consecutive month of year-over-year gains. Salt Lake County’s $550,000 median runs about 28% above the national figure. 28 | Salt Lake Realtor ® | October 2026
Salt Lake County
Source: UtahRealEstate.com
Local Market Update for August 2026 KEY METRICS
NUMBER OF SALES
MEDIAN SOLD PRICE
MEDIAN DAYS ON MARKET
NEW LISTINGS
UNDER CONTRACT
ACTIVE LISTINGS
2025
All Housing Types Single Family Multi Family
1,128 802 310
$553,829.00 $625,500.00 $433,525.00
40 35 55
1,489
1,022
3,282
2026
All Housing Types Single Family Multi Family
987 669 299
$550,000.00 $640,000.00 $439,990.00
39 32 49
1,628
905
3,776
-2.50% -8.57% -10.91%
9.34%
-11.45%
15.05%
COMPARISON TO LAST YEAR -% DIFFERENCE
All Housing Types -12.50% Single Family -16.58% Multi Family -3.55%
NO. OF SALES 1,128 987
-0.69% 2.32% 1.49%
MEDIAN SOLD PRICE $553,829 -0.69%
-12.50%
ALL HOUSING TYPES AUG 2025
ALL HOUSING TYPES AUG 2026
NEW LISTINGS
1,628
1,489
$550,000
ALL HOUSING TYPES AUG 2025
-2.50%
ALL HOUSING TYPES AUG 2026
UNDER CONTRACT LISTINGS
9.34%
ALL HOUSING TYPES AUG 2026
1,022
ALL HOUSING TYPES AUG 2026
3,776
3,282
-11.45%
ALL HOUSING TYPES AUG 2025
ALL HOUSING TYPES AUG 2025
ACTIVE LISTINGS AS OF JULY. 31
905
ALL HOUSING TYPES AUG 2025
MEDIAN DAYS ON MARKET 40 39
15.05%
ALL HOUSING TYPES AUG 2026
ALL HOUSING TYPES AUG 2025
October 2026 | Salt Lake Realtor ® | 29
ALL HOUSING TYPES AUG 2026
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