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Table of Contents Features
Damian Sobczyk©/Adobe Stock
8 Utah Among Five Finalists for $50 Billion Nuclear Energy Initiative Tristan Navera
10
Top 5 States for Foreign Homebuyers— Where Nearly 50% Are Paying Cash for Homes
10 Top 5 States for Foreign Homebuyers— Where Nearly 50% Are Paying Cash for Homes
Tristan Navera 12 One in Five Home Listings Had a Price Cut in July
Snejana Farberov 18 Demand Pushes Salt Lake County Home Price to Record High The Salt Lake Board of Realtors®
22 When a 3% Mortgage Dies with the Borrower Allaire Conte 26 Realtor® Day
Jason©/Adobe Stock
Columns
18
Demand Pushes Salt Lake County Home Price to Record High
5 What No One Sees J. Scott Colemere – President’s Message
Departments 6
Happenings
6
In the News
28 Housing Watch
On the Cover:
Cover Photo: Viktor©/Adobe Stock
Dave Anderton
This Magazine is Self-Supporting
26 Realtor® Day
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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August 2026 volume 86 number 8
slrealtors.com 4 | Salt Lake Realtor ® | August 2026
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
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) BRYAN HURD Real Broker, 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)
TRISH NICHOLS CB Realty (SL-Sugarhouse) APPOINTED BOD TONY KETTERLING Equity RE (Advantage) 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 President Dan Miller
What No One Sees Last night I had the opportunity to get a sneak peek at one of the most amazing homes featured in this year’s Salt Lake Parade of Homes. As I admired the craftsmanship, beautiful finishes, and incredible attention to detail, I couldn’t help but think about the part of the home that nobody tours. No one stops to admire the footings beneath the foundation. No one comments on the engineering, plumbing, electrical work, or countless hours of planning that took place long before the first coat of paint was applied. Yet without those unseen details, none of the beauty above them would exist. It reminded me that the same principle applies to our profession. Clients see the “For Sale” sign come down. They celebrate the closing, receive the keys, and begin making memories in their new home. What they don’t always see are the countless hours that make that moment possible. Recently, after one of my transactions closed, the cooperating Realtor® sent me a message that made me stop and think. He had gone back through our communication during the transaction and pointed out that we had exchanged 34 phone calls and 97 text messages—not to mention countless emails—all focused on solving problems, answering questions, coordinating details, and helping our clients successfully reach the closing table. Neither of us had been keeping score. We were simply doing what professionals do. Our clients never saw most of those conversations. They never witnessed the negotiations, the scheduling changes, the last-minute challenges, or the countless decisions being made on their behalf.
Office Administrator Cynthia Bell Snow
And that’s exactly the point.
Art Director Jackie Medina
The best Realtors® don’t earn trust because the transaction is easy.
Graphic Design Ken Magleby Patrick Witmer
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 ® 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
They earn trust because they quietly handle the work no one else sees. As summer comes to a close and another school year begins, I’m reminded that teachers prepare classrooms long before students arrive. Builders spend months creating homes before the public ever walks through the front door. Success is almost always built on preparation that goes unnoticed. Our profession is no different. Every phone call returned. Every difficult conversation. Every market update. Every contract reviewed. Every relationship nurtured. These are the unseen investments that build confidence with our clients and strengthen the reputation of our profession. The beautiful homes showcased in the Parade of Homes are a reminder that what people admire most is only possible because of work they may never see. The same is true of great Realtors®. Our finest work often happens behind the scenes—and that invisible work is what makes all the difference.
J. Scott Colemere President August 2026 | Salt Lake Realtor ® | 5
Happenings
In the News
Salt Lake County Home Price Reaches Record Quarterly High The median price of a single-family home in Salt Lake County climbed to $645,000 in the second quarter of 2026, up 4.88% year over year and marking the highest quarterly median on record. Several local media outlets covered the milestone, including The Salt Lake Tribune, KUTV 2 News, KSL.com, the Deseret News and Utah News Dispatch. During the quarter, 2,334 single-family homes were sold in Salt Lake County, up 4.62% from 2,231 sales in the second quarter of 2025. Several Salt Lake City ZIP codes posted strong year-over-year sales gains, as did parts of South Jordan, West Jordan and Taylorsville. “There’s this feeling of ‘bad news, whatever,’” Scott Colemere, president of the Salt Lake Board of Realtors®, told The Tribune. “We need housing. Utah is a great place to live. We can figure out how.”
Michigan Gov. Gretchen Whitmer has signed a package of housing bills designed to increase the state’s housing supply and improve affordability, according to Realtor.com. The measures include restrictions on large corporate homebuyers, a new housing tax credit, changes to building regulations and additional funding for housing programs. Under the new law, certain institutional investors that own more than 100 homes in Michigan will be prohibited from purchasing additional single-family properties. The restriction is stricter than a recently enacted federal measure affecting companies that own more than 350 single-family homes. Violators of Michigan’s law could face civil fines of up to $25,000 for each prohibited purchase.
Julian Adams©/Adobe Stock
Nearly 4 in 10 Salt Lake County Homes Sell Below $500,000 What price ranges are homes selling in across Salt Lake County? Data from the first half of 2026 show that most home sales remained below $750,000. Nearly four out of every 10 homes sold—39%— closed for less than $500,000, while another 37.2% sold for between $500,000 and $749,999. Combined, more than 76% of all homes sold in Salt Lake County during the first six months of the year were priced below $750,000, showing that most market activity continues to occur in the lower- and mid-price segments. Source: UtahRealEstate.com
6 | Salt Lake Realtor ® | August 2026
State Rep. Karl Bohnak, R-Deerton, who sponsored the legislation, said the measure is intended to prevent large corporations from pricing Michigan families out of the housing market. The broader housing package received strong bipartisan support and was backed by Michigan Realtors®, which said increasing inventory is the most effective way to improve affordability and expand homeownership opportunities. The state also created the Michigan Housing Opportunity Tax Credit, which will complement the federal Low-Income Housing Tax Credit. Michigan expects to invest $42 million in tax credits to help produce 2,500 affordable housing units reserved for renters earning no more than 60% of the area median income.
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Utah Among Five Finalists for $50 Billion Nuclear Energy Initiative Proposed nuclear innovation campuses could generate 25,000 jobs while helping the nation nearly quadruple its nuclear energy capacity by 2050. By Tristan Navera Realtor.com®
The Department of Energy will consider five states to host “innovation campuses” devoted to nuclear energy, which could bring them a total of 25,000 jobs and $50 billion in investment. Utah, Oklahoma, Tennessee, Idaho, and Louisiana are the five finalists to host the innovation campuses, picked from applications of 26 states. Each could host a facility where the government studies the “full nuclear fuel cycle,” as part of an effort to kick-start the nation’s nuclear energy capacity. The federal government is on a mission to nearly quadruple America’s nuclear energy output—from 97 8 | Salt Lake Realtor ® | August 2026
gigawatts in 2025 to 400 gigawatts by 2050. The nation’s 97 nuclear reactors provide 19% of the nation’s electric power. That includes investing $17.5 billion to purchase nuclear reactors to open five more nuclear plants in the nation. And it comes as data center energy demands have sent energy costs rising for many American homeowners. “These campuses will be massive generators of economic growth, create thousands of highpaying jobs, and be crucial to unleashing America’s nuclear renaissance,” U.S. Secretary of Energy Chris Wright said. “The innovative concept is a direct result of
President Trump’s leadership and ambitious directives to restore the domestic nuclear fuel cycle and get America’s nuclear industry growing again.”
Energy demand The Department of Energy wants to study every part of the lifecycle of nuclear fuel. That includes fabrication, enrichment and reprocessing of used nuclear fuel, as well as disposal. Some of the campuses might host advanced reactor deployment, power generation, and advanced manufacturing. All told, the government thinks these efforts mean $50 billion in capital investment and 25,000 new jobs, as well as $10 billion in local tax revenue. The government hasn’t yet determined how it will divide up those research projects, or how many campuses it wants to build. It also didn’t indicate more specific locations in the five finalist states where the campuses could go. Those states that continue to pursue such an investment will sign hosting agreements in the future, DOE said.
attract more developments. Other cities have banned their development altogether. President Donald Trump earlier this year called on data center developers to provide their own power for projects. He was wary of homeowner complaints that the centers drive up electric bills. In the request for proposals, the government said the projects would host in-house data centers. These will support scientific and national security applications. And they could bring more interest from private companies. “The Campuses’ unique combination of nuclear expertise, secure infrastructure, and proximity to advanced reactor deployment may attract leading technology companies to establish data centers within or near the Innovation Campuses,” the request states. Tristan Navera is a senior reporter on housing policy, covering trends and solutions in the housing market from Washington, DC. Reprinted with permission from Realtor.com®.
The turbine generator unit 2 inside the Pacific Gas and Electric Co.’s Diablo Canyon nuclear power plant in Avila Beach, CA. The U.S. government wants to quadruple the nation’s nuclear energy output in the next 25 years. Bloomberg via Getty Images Governors of the finalist states were positive about the potential for the project. Each said their state has a history with the energy industry—Tennessee for the Manhattan Project, Oklahoma for its oil boom. But the governors saw the project as a play for more energy independence. “Utah welcomes the chance to help America reclaim its leadership in civil nuclear energy,” said Utah Gov. Spencer Cox. “We’re building the advanced technologies that will drive affordable, abundant power across our country.” The request for proposals the government included with the application shows the states must prioritize training and apprenticeships, as well as links with local higher education, “to cultivate a new generation of nuclear scientists, engineers, operators, and skilled trades.”
Data centers and homeowners vie for energy New, power-hungry data center projects are springing up across the country. Today, there are more than 4,000 data centers nationwide. Goldman Sachs estimated that data-center power demand will more than double from 2025 to 2027. But only about 50% to 60% of data center capacity will come online due to delays and cancellations, it said. The pace of data center development has drawn a lot of concern from towns across the country. Some cities and states have enacted moratoriums on tax benefits that August 2026 | Salt Lake Realtor ® | 9
Top 5 States for Foreign Homebuyers—Where Nearly 50% Are Paying Cash for Homes Foreign buyers accounted for about 20% of property purchases in Florida, 19% in California, and 12% in Texas. By Tristan Navera
Foreign buyers are pulling back from the U.S. housing market, with spending near a record low, but some states are still seeing booming interest. International buyers spent $45.3 billion from April 2025 to March 2026, closing on 67,100 existing homes nationwide, according to the National Association of Realtors® 2025 International Transactions in U.S. Residential Real Estate report. The organization said the dollar value of those homes was down 14% from the previous 12 months. Though purchases are down, five states remain popular among foreign buyers: Florida, California, Texas, New Jersey, and Georgia. The share of foreign buyers who made all-cash purchases was 47%—compared to 28% among all buyers of existing homes.
10 | Salt Lake Realtor ® | August 2026
Of those who bought real estate in the U.S, about 56% of those purchases were people living in the U.S., with those recent immigrants or visa holders buying 37,600 homes and $21.8 billion in value. Foreign buyers living abroad purchased 29,500 homes worth $23.5 billion. Lower spending comes in a year when international currencies gained ground against the dollar, making real estate more accessible. Wealth tax in California left open more opportunities for international buyers. And the World Cup brought visitors, even as soaring fuel costs cut some travel. “The decline in foreign home buyer activity mirrors the decline in international visitors and tourists to the United States,” said NAR Chief Economist Lawrence Yun said. “Even a slightly weaker U.S. dollar over the past year, which provides more purchasing power for foreigners, did not induce more activity.”
Damian Sobczyk©/Adobe Stock
Canada remains the top source of foreign capital, accounting for 16% of all international buyers, while buyers from Mexico represent 14% of those transactions. China dropped to third place, at 11%, but Chinese buyers purchase significantly higher-value real estate, averaging $1 million.
The international buying population •
Canada: 16% of buyers. 10,700 homes and $5.2 billion in volume. Average price: $486,000.
•
Mexico: 14% of buyers. 9,400 homes and $5 billion in volume. Average price: $531,000.
•
China: 11% of buyers. 7,400 homes and $7.6 billion in volume. Average price: $1,027,000.
•
India: 9% of buyers. 6,000 homes and $3.7 billion in volume. Average price: $617,000.
•
United Kingdom: 4% of buyers. 2,700 homes and $1.2 billion in volume. Average price: $444,000.
Why foreign buyers are drawn to Florida Foreign buyers accounted for about 20% of property purchases in Florida, 19% in California, and 12% in Texas. They accounted for 4% of purchases in New Jersey and Georgia. Realtor.com® data show international buyers are eyeing Texas cities as alternatives to California.
The Realtor.com International Demand for the U.S. Housing Market pointed to interest in major metros across all the states, with Miami, Los Angeles, Orlando, Dallas, Houston, Tampa, and Riverside, CA, all among the top 10 by searches. George Samarjian, managing partner of Florida developer IGEQ, has seen the Florida market change. His company is part of a team that just broke ground on a 21-story tower in West Palm Beach that includes 181 apartments and the city’s first Marriott Tribute Portfolio hotel. South Florida in particular has long been a popular investment destination for Latin America, he said. But with the economic growth of the Miami region over the past decade, it has become a global real estate market that stays hot even in economic downturns. “Over the last few years, West Palm has turned into a market on the radar for a lot of international investors,” Samarjian said. “Just a few years ago, it wouldn’t have been considered as viable an option to invest in. We have definitely seen a strong appetite internationally.” Tristan Navera is a senior reporter on housing policy, covering trends and solutions in the housing market from Washington, DC.
August 2026 | Salt Lake Realtor ® | 11
Bantita©/Adobe Stock
One in Five Home Listings Had a Price Cut in July Sellers lowered asking prices on 20% of listings, with price cuts most common in Western and Southern markets. By Snejana Farberov Realtor.com® After a strong spring and promising early summer, July saw homebuying stagnate as a result of rising borrowing costs, forcing sellers to slash prices to revive demand. The share of listings with a price cut reached 20% in July, nearly even with last year’s levels, after running close to 2 percentage points lower throughout spring, according to the latest Realtor.com® housing market trends report released Aug. 3. For the first six months of the year, the dominant theme of the national housing market was sellers pricing realistically from the outset to meet buyers where they are to avoid listings going stale. By the end of June, the share of for-sale homes across the U.S. with price cuts was 1.9 percentage points lower than the prior year.
12 | Salt Lake Realtor ® | August 2026
However, as summer entered its peak, price cuts picked up as vacationing would-be buyers pulled back and aging listings piled up on the market. “We are seeing the housing market run up against some headwinds, especially on the mortgage rate front, at the exact time when buyer demand starts to dip seasonally,” said Realtor.com senior economist Jake Krimmel. “So while the realistic pricing narrative is still there, the story has weakened a bit recently.” On a month-over-month basis, the share of listings with price reductions rose from 18.8% to 20%. “July might be hinting at even softer demand than sellers are anticipating,” noted Krimmel. “This will be something to watch as the summer progresses.” At the regional level, price cuts were least common in the Northeast (13.7% of listings) and Midwest (18.7%),
where inventory is tight and demand is robust. By contrast, buyers had better luck finding discounted properties in the more well-supplied West (21.9%) and South (21.3%).
and feel that their home should capture the same price, even though they haven’t prepared it properly for the [multiple listing service] and potential buyer showings,” Culpepper told Realtor.com.
Yet, housing data analysis points to early signs of market softening in the Northeast and Midwest, where the share of price-reduced listings ticked up by 1 and 0.3 percentage points, respectively, compared to July 2025.
While some choose the strategy of listing higher at the outset, with the option of cutting the price down the line, the agent warns that this approach can be a “double-edged sword” and keep savvy buyers away, especially in a market with ample inventory.
Western metros lead in price cuts A zoomed-in look at metro-level trends reveals that prices were slashed in July on more than a quarter of homes in 12 of the 50 largest U.S. metros, the vast majority of them located in the West or South. Portland, OR, reclaimed the title of the metro with the highest share of discounted listings, at 31%, outpacing June’s leader, Denver, which slid to second place with 30.9%, followed by Dallas and Austin, TX, both with 28.3%. Cory Culpepper, an agent with Douglas Elliman Austin, attributes price cuts to two main seller behaviors. First, some sellers opt to list above market value in anticipation of low offers, or in case they need to pay the buyer’s closing costs. “Then there are sellers that see their competition selling
“The cons outweigh the pros because sellers take a huge risk of ‘testing the market,’ only later to find their property with too many days on the market and now becoming the problem house,” said Culpepper. According to the Austin agent, a buyer will always consider days on the market. And if the listing has remained unsold for an extended period of time, they will inevitably start thinking, “What’s wrong with this home and why doesn’t anyone else want it?” Buyers are taking advantage of Austin’s widespread price cuts to secure better deals, often to the seller’s benefit as well. “At the end of the day, a smart seller and buyer typically find a win-win,” said Culpepper. “We are able to negotiate a lower amount and/or closing costs for the
August 2026 | Salt Lake Realtor ® | 13
Andy Dean©/Adobe Stock
buyer to achieve a lower interest rate, which is crucial right now, and the seller is happy, since they technically net the same they would with a much lower offer.” Echoing the agent, Krimmel said that if price cuts lead to more sales and steady time on the market, they are less of a warning sign and more proof that a market is shifting toward buyers, as reflected in the Realtor. com 2026Q2 Market Clock report.
National housing market is cooling Buyers are facing economic and geopolitical headwinds this summer, as the ongoing conflict in Iran, which ignited in February, continues to drive up oil prices and fuel inflation fears. During the July meeting of the Federal Open Market Committee, policymakers voted 9-3 to hold the benchmark federal funds rate steady at a range of 3.50% to 3.75% while keeping the door open for potential hikes later this year to combat inflation. The news pushed the 10-year Treasury yield higher, and a day later, the average rate on 30-year fixed home loans reached 6.66%, the highest level in a year. Krimmel said that while the spring market showed impressive resilience in the face of accelerating inflation and a mortgage rate roller coaster, these
14 | Salt Lake Realtor ® | August 2026
conditions may hit differently in the summer—a time when demand typically slumps. “Our revised midyear forecast penciled in mortgage rates around 6.3% for the rest of the year, but that view was predicated on easing Middle East tensions,” points out the economist. “With the Iran conflict heating back up and oil prices at their highest level since May, that rate outlook may prove too optimistic.” Taken together, the monthly housing data paints a picture of a plateauing market, but not one that’s outright losing steam. Asking prices fell for a ninth consecutive month at a near-record pace, settling at $428,950, down 2.4% compared to July 2025. The typical listing spent 57 days on the market, one day less than a year ago, marking the first real annual decline in more than two years. While active listings edged up slightly, new listings flatlined year over year after tracking above 2025 levels through the spring. “When the weather gets hot, market activity cools,” concluded Krimmel. 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®.
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Demand Pushes Salt Lake County Home Price to Record High Strong year-over-year sales increases were recorded in several Salt Lake City ZIP codes, as well as in parts of South Jordan, West Jordan and Taylorsville. By The Salt Lake Board of Realtors® The median price of a single-family home in Salt Lake County climbed to $645,000 in the second quarter of 2026, up 4.88% year over year, marking the highest quarterly median on record. Among the five counties reviewed, the most expensive median ZIP codes for single-family homes during the second quarter were: 1.
Alpine (84004): $1.55 million
2.
Huntsville (84317): $1.36 million
3.
Eden (84310): $1.34 million
4.
Emigration Canyon (84108): $990,000
5.
The Avenues (84103): $956,450
During the quarter, 2,334 single-family homes were sold in Salt Lake County, up 4.62% from 2,231 sales in the second quarter of 2025. Strong year-over-year sales
18 | Salt Lake Realtor ® | August 2026
increases were recorded in several Salt Lake City ZIP codes, as well as in parts of South Jordan, West Jordan and Taylorsville. Demand was supported by Utah’s growing population, a healthy labor market and a persistent shortage of housing. Buyers also had more properties to consider as new listings increased, allowing households that had postponed a purchase to reenter the market. Although mortgage rates remained elevated, many buyers appear to have adjusted their expectations and moved forward because of job changes, growing families and other life events. Salt Lake County’s concentration of employment, transportation and established communities further strengthened demand relative to neighboring counties. Utah’s unemployment rate was 3.7% in May, below the national rate, while the state added 16,900 jobs year over year.
The data show continued demand for single-family homes. New listings across all housing types in Salt Lake County increased 3.56% year over year, providing buyers with more choices. Homes also took slightly longer to sell, with average cumulative days on market increasing from 45 to 48 days. Salt Lake County recorded 862 condominium sales during the quarter, up 4.11% from 828 a year earlier. However, the median condominium price fell 2.81%, from $430,000 to $417,900. The combination of rising condominium sales and a lower median price may reflect buyers’ continued search for more affordable alternatives to single-family homes. At the countywide median, a condominium sold for approximately $227,000 less than a single-family home during the quarter. Housing conditions were mixed in neighboring counties:
Jason©/Adobe Stock
•
Davis County: Single-family home sales fell 2.76% to 774, while the median price declined 1.57% to $568,450. Condominium sales dropped 14.89%, but the median price increased 1.71% to $416,000.
•
Tooele County: Single-family home sales increased 7.24% to 326—the largest percentage gain among the counties reviewed—but the median price declined 1.52% to $487,495. Condominium sales fell 8%, while the median price increased 1.55% to $370,950.
August 2026 | Salt Lake Realtor ® | 19
Frank Munch©/Adobe Stock
•
Utah County: Single-family home sales were relatively stable, increasing 0.92% to 1,650. The median price declined 0.83% to $600,000. Condominium sales fell sharply, dropping 22.53%, while the median price remained essentially unchanged at $399,990.
•
Weber County: Single-family home sales decreased 4.42% to 757, but the median price rose 3.11% to $499,000. Condominium sales increased 2.34%, while the median price declined slightly to $358,000.
Among the five counties reviewed, Salt Lake County posted the strongest combination of growth in single-family home sales and price appreciation. The quarterly results show that the region’s housing market remains active, although conditions continue to vary by county, housing type and community.
20 | Salt Lake Realtor ® | August 2026
About the Salt Lake Board of Realtors® The Salt Lake Board of Realtors® is the Wasatch Front’s voice for real estate and a leading source of housing market information. The organization is the largest shareholder of UtahRealEstate.com, one of the leading multiple listing services in the United States. Since 1917, the Salt Lake Board of Realtors® has promoted homeownership and protected private property rights. The organization empowers its members to better serve the public through continuing education, advocacy and adherence to a professional code of ethics. About UtahRealEstate.com Founded in 1994, UtahRealEstate.com is Utah’s leading provider of real estate technology and one of the largest multiple listing services in the United States. The company operates one of the country’s top-ranked real estate websites, serving more than 8 million consumers annually. UtahRealEstate.com also provides multiple listing services to approximately 20,000 real estate professionals, representing nearly 97% of all Realtors® in Utah.
When a 3% Mortgage Dies with the Borrower Inheriting the house does not mean inheriting the loan. By Allaire Conte Realtor.com® After their mother died, one heir said the 2.7% mortgage attached to the house was what made it worth fighting to keep.
described denied account access, blocked payments, and repeated documentation demands as balances and foreclosure deadlines inched closer.
“This is the reason I keep fighting for the house is to keep the payments where they are,” the heir wrote in an anonymized complaint to the Consumer Financial Protection Bureau.
The findings echo a 2024 CFPB review, which found a similar pattern of lengthy delays, repeated paperwork, and alleged pressure toward higher-rate refinancing. Together, they capture a growing vulnerability of the Great Wealth Transfer: A family can inherit the house yet lose the financing that made it affordable.
But the mortgage company offered a new loan instead. “The only option they offered me was a refinance offer,” the complaint continued, adding that it “would have doubled the monthly payment and interest.” It’s just one account in more than 200 such complaints involving obstacles to inherited-mortgage assumption or successor recognition, identified by Realtor.com® in a review of the CFPB complaint database. The complaints 22 | Salt Lake Realtor ® | August 2026
More inheritances will come with low-rate mortgages attached An estimated $124 trillion will transfer intergenerationally through 2048, mainly from the Silent Generation and baby boomers, according to a report by Cerulli Associates. Much of that wealth is tied
Inheriting the house does not mean inheriting the loan Those savings make a low-rate mortgage part of the inheritance, and federal law is meant to prevent the borrower’s death from automatically wiping out that advantage. The Garn-St Germain Act generally prevents lenders from invoking a due-on-sale clause solely because of certain protected transfers, including a transfer to a relative resulting from a borrower’s death. In those cases, the lender cannot demand immediate repayment of the entire balance simply because the property changed hands. But protecting the mortgage from immediate repayment is hardly the same as automatically making the heir the borrower on the loan. “When someone inherits a mortgaged home, they generally inherit ownership of the property itself, subject to the existing mortgage,” Denise D. Nordheimer, an estate planning and elder-law attorney and partner at Fox Rothschild, told Realtor.com. “The heir is not personally liable for the mortgage debt unless they formally assume the loan, but the lender can foreclose if payments are not made,” she added. But that also creates the central vulnerability. The family may need to keep the mortgage current before it has been fully recognized as the party entitled to manage the account.
Alex Pios©/Adobe Stock
up in housing—boomers alone hold as much as $19 trillion in real estate wealth today. But more than ever, debt is attached to that equity. The share of homeowners aged 65 to 79 carrying mortgage debt rose from 24% in 1989 to 41% in 2022, according to Harvard University’s Joint Center for Housing Studies. Nearly one-third of homeowners 80 and older also had a mortgage. And while it may seem like a liability, in today’s interestrate environment, a low-interest loan is its own asset. Among active borrowers, 61% of baby boomers and 55% of the Silent Generation had rates of 4% or less in January 2024, according to Freddie Mac. Consider a home carrying a $250,000 mortgage at 3%, with 20 years remaining. The existing principal-andinterest payment would be about $1,386 a month. Replacing that mortgage with a 6.66% loan—while holding the balance and remaining repayment period constant—would raise the payment to about $1,888. That’s an additional $502 a month, or more than $6,000 a year.
The CFPB has said confirmed successors can continue making payments, obtain information about the mortgage, and be evaluated for foreclosure-prevention assistance without first assuming the debt or refinancing. Yet its 2024 review found complaints from successors who said they were unnecessarily pushed toward new loans. And before an heir can even exercise those federal servicing protections, the family may first have to establish who legally owns the property. “In many cases, these heirs do not acquire the property outright at the time of the relative’s death (they require a probate or other process to become the legal heirs and gain the right to the property) and therefore often find themselves falling behind on the financial obligations associated with the asset,” said Claudia Cobreiro, a Miami-based attorney and founder of Cobreiro Law. That may be the biggest risk of all.
Paperwork delays can turn affordable payments into five-figure demands As heirs work to establish their right to manage an inherited home, mortgage bills keep coming, and each missed payment can push the account further behind. One surviving spouse told the CFPB that she worked two jobs and wanted to remain in the home where she August 2026 | Salt Lake Realtor ® | 23
To start, families should reconsider what belongs in a conventional estate plan. While these plans typically determine who should receive the property, they may not address the mortgage attached to it. A plan for a mortgaged home must also establish who intends to keep the property, who will make the payments, and where that person can find the documents needed to prove their authority. “If the property is held in a trust, the successor trustee must follow the trust’s terms, and some lenders may require additional documentation or may not recognize the trust as an eligible successor,” she explained. An LLC can present a different problem. “Properties held in LLCs can trigger due-on-sale clauses, as most federal protections for heirs do not apply to entities,” she said. Even when a home passes directly to individual heirs, authority may be divided. lenets_tan©/Adobe Stock
had cared for her husband through hospice. After his death, though, she said the loan servicer repeatedly asked her to resend a power of attorney, marriage certificate, and death certificate. At the same time, representatives told her that they could not discuss the account with her. She wrote that the servicer “kept giving me the runaround,” repeatedly telling her that it could not speak with her because she was not on the mortgage agreement. That delay turned the monthly payment she hoped to continue into months of missed payments, added costs, and a much larger sum required to bring the loan current. The widow alleged she was denied mortgage assistance and eventually told that her available option was a one-time payment of approximately $34,000. She wrote that she was “afraid that by the time my probate hearing comes, [the loan servicer] will already be trying to sell the home.” It’s a telling illustration of compounding risk. The longer recognition and probate take, the more payments can accumulate. And by the time an heir gains the authority needed to resolve the account, resuming the old monthly payment may no longer be a realistic option. “For that reason, it becomes difficult for many of them to reinstate the existing mortgages against the property, and they find themselves needing to refinance or sell to satisfy the outstanding economic obligations,” Cobreiro said.
Estate planning must account for the mortgage But families are hardly powerless in this process, and the safest time to protect an inherited mortgage is before the borrower dies.
24 | Salt Lake Realtor ® | August 2026
“When multiple heirs inherit a property, disagreements can arise over who will live in the home, who will make payments, or whether to sell,” Nordheimer said. Those questions become more consequential when a mortgage payment is due before the heirs have reached an agreement. Before a death, families should also identify the mortgage servicer, outstanding balance, interest rate, monthly payment, and loan number. The person expected to handle the estate should be able to locate the deed, loan statements, will, trust, and other records establishing how the property is owned. Additionally, the family should also decide who intends to keep the home and who will cover the mortgage, taxes, and insurance while probate or successor recognition is underway. After a death, the potential successor should notify the servicer in writing, request the list of documents required for recognition, and retain proof of each submission. That record can become important if documents are lost, requests are repeated, or foreclosure begins before recognition is complete. Keeping the loan current is not always sufficient to resolve every legal or servicing issue, but it can preserve time and prevent a manageable monthly payment from becoming a much larger reinstatement demand. “In the case where the family can keep up with the financial obligations associated with these properties promptly, they are often able to keep the existing mortgages with little to no effort,” Cobreiro said, and even without formally assuming the existing loans in their own names. Allaire Conte is a senior advice writer covering real estate and personal finance trends. Reprinted with permission from Realtor.com®.
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Realtor® Day The Salt Lake Home Builders Association hosted its annual Realtor® Day during the Parade of Homes. Realtors® and affiliate members received discounted Parade tickets and enjoyed lunch. This year’s Parade celebrated its 80th anniversary, showcasing 30 homes across Salt Lake and Tooele counties.
26 | Salt Lake Realtor ® | August 2026
Photos: Dave Anderton
August 2026 | Salt Lake Realtor ® | 27
June 2026 Housing Watch Salt Lake County Home Sales Jump Nearly 10% in June Home sales across all housing types in Salt Lake County climbed 9.53% in June, rising to 1,287 transactions from 1,175 a year earlier. The median sales price increased 2.75% to $560,000, up from $545,000 in June 2025. Single-family home sales rose 8.46%, while multifamily sales posted an even stronger gain of 14.06%. The increase came as buyers gained more options and continued to move forward despite elevated borrowing costs. Active listings rose nearly 7% from a year earlier, while new listings increased 7%. The additional inventory gave buyers who had struggled to find suitable properties a wider selection. Mortgage rates also offered modest relief compared with a year earlier. The average rate on a 30-year fixed mortgage was 6.49% in June, down from 6.82% in June 2025, according to the National Association of Realtors®. Although rates remained high by recent standards, the year-over-year decline improved purchasing power slightly. Some buyers who had postponed purchasing also may have decided to move forward because of marriages, growing families, job changes or other life events. Multifamily housing—which includes condominiums, townhomes and twin homes— provided a comparatively affordable option. Sales in the segment jumped 14.06%, while the median price edged up just 0.39% to $432,700. By comparison, the median price of a single-family home rose 5.36% to $653,250. The market also became less competitive, giving buyers more time to compare properties and negotiate. Median cumulative days on market increased from 27 to 30 days across all housing types. For single-family homes, it rose from 21 to 27 days. Demand remained strong in key segments. Even with more listings and high borrowing costs, the single-family median price increased more than 5%, suggesting continued competition for desirable homes and a persistent imbalance between supply and demand.
“Job gains— more than half a million since the beginning of the year—will continue to provide support for the housing market.”
Lawrence Yun Chief Economist National Association
One cautionary sign emerged in pending activity. Listings under contract totaled 1,086 at the end of June, down 2.43% from 1,113 a year earlier. Because pending contracts often become future closed sales, June’s strong increase may not continue at the same pace in July. Nationally, existing-home sales increased 2.8% year over year in June, although they declined 2.4% from May, according to the National Association of Realtors®. The national median existing-home price reached a record $440,600, up 1.8% from a year earlier.
28 | Salt Lake Realtor ® | August 2026
Salt Lake County
Source: UtahRealEstate.com
Local Market Update for June 2026 KEY METRICS
NUMBER OF SALES
MEDIAN SOLD PRICE
NEW LISTINGS
UNDER CONTRACT
ACTIVE LISTINGS
2025
All Housing Types Single Family Multi Family
1,175 827 320
$545,000.00 $620,000.00 $431,000.00
1,644
1,113
3,252
2026
All Housing Types Single Family Multi Family
1,287 897 365
$560,000.00 $653,250.00 $432,700.00
1,759
1,086
3,478
2.75% 5.36% 0.39%
7.00%
-2.43%
6.95%
COMPARISON TO LAST YEAR -% DIFFERENCE
All Housing Types Single Family Multi Family
NO. OF SALES 1,287
1,175
9.53% 8.46% 14.06%
MEDIAN DAYS ON MARKET
MEDIAN SOLD PRICE $560,000
$545,000
30 27
2.75%
9.53%
11.11%
ALL HOUSING TYPES JUNE 2025
ALL HOUSING TYPES JUNE 2026
NEW LISTINGS
1,759
1,644
ALL HOUSING TYPES JUNE 2025
ALL HOUSING TYPES JUNE 2026
UNDER CONTRACT LISTINGS
ALL HOUSING TYPES JUNE 2025
ALL HOUSING TYPES JUNE 2026
1,113
3,478
3,252
-2.43%
ALL HOUSING TYPES JUNE 2025
ALL HOUSING TYPES JUNE 2026
ACTIVE LISTINGS AS OF MAY. 31
1,086 7.00%
ALL HOUSING TYPES JUNE 2025
6.95%
ALL HOUSING TYPES JUNE 2026
ALL HOUSING TYPES JUNE 2025
August 2026 | Salt Lake Realtor ® | 29
ALL HOUSING TYPES JUNE 2026
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