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Table of Contents Features
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8 $50 Million Road Grant Ties Olympia Growth to Starter Homes The Salt Lake Board of Realtors®
8
$50 Million Road Grant Ties Olympia Growth to Starter Homes
12 Mortgages Now Take 36% of a Typical Family’s Income. Here’s How Financial Experts Say to Prepare Natasha Etzel
18 Utah Housing Market Shows Resilience Amid Economic Uncertainty Dave Anderton 22 Mortgage Rate Shocks Stalls Housing Market as 8-Month Growth Streak Collapses Snejana Farberov
26 Why Big Banks Are Pouring Billions Into Reviving the Housing Market Tristan Navera
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Columns
12
Mortgages Now Take 36% of a Typical Family’s Income. Here’s How Financial Experts Say to Prepare
5 The Equity Paradox J. Scott Colemere – President’s Message
Departments 6
Happenings
6
In the News
28 Housing Watch
On the Cover:
Cover Photo: Duskydope©/Adobe Stock
Dave Anderton
This Magazine is Self-Supporting
26 Why Big Banks Are Pouring Billions Into Reviving the Housing Market
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
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
There’s an interesting paradox playing out in our housing market. For generations, we’ve encouraged Americans to buy a home, put down roots, and build equity. And it has worked. Homeownership has created tremendous wealth for families across the Wasatch Front. But today, that success is creating challenges on both ends of the market. Recently, I worked with a young couple trying to buy their first home. Like so many first-time buyers, they were feeling the pressure of higher prices, interest rates, and monthly payments. We searched high and low. Eventually, they were willing to look a little farther from where they originally hoped to live. We found a single-family home they loved, negotiated hard on price and terms, and found a way to make the numbers work. Watching them realize, “We can actually do this,” reminded me why I love this business. But on the other side of the market, I have a family member and longtime client facing an entirely different problem. They’ve owned their home for many years and would like to sell. They did exactly what we tell homeowners to do: they bought a home, cared for it, stayed put, and built substantial equity. Ironically, that success may now be one of the things keeping them there. The potential capital-gains tax consequence of selling has caused them to hesitate for years. That’s the equity paradox.
President Dan Miller Office Administrator Cynthia Bell Snow Art Director Jackie Medina Graphic Design Ken Magleby Patrick Witmer
The Equity Paradox
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
One family is trying desperately to get into homeownership and begin building equity. Another has built so much equity that the tax consequences may discourage them from selling. There is bipartisan legislation before Congress that could help. The More Homes on the Market Act proposes increasing the federal primary-residence capital-gains exclusion from $250,000 to $500,000 for individuals and from $500,000 to $1 million for married couples, with future inflation adjustments. If enacted, it could remove an obstacle for some longtime homeowners and potentially put more homes on the market for the next generation of buyers. But legislation alone won’t solve our housing challenges. We have a role to play too. Our job as Realtors® is not simply to report that housing is expensive, interest rates are high, or inventory is tight. Our job is to understand the obstacles standing between our clients and their goals—and help find solutions. Sometimes that means expanding a search. Sometimes it means negotiating creatively. Sometimes it means advocating for better housing policy. Because on either side of the equity paradox is a family trying to make the next chapter of their life work. And helping them find a way forward is what professionals do.
J. Scott Colemere President September 2026 | Salt Lake Realtor ® | 5
Happenings
In the News
New Directors Elected Brad Hansen and Greg Summerhays have been elected to the Board of Directors of the Salt Lake Board of Realtors®. Each will serve a four-year term beginning Jan. 1, 2027. Hansen, general manager of Windermere Real Estate Utah, has more than 12 years of experience in the real estate industry. He is a Sterling R major investor in the Realtors® Political Action Committee (RPAC) and has been recognized as a Realtor® 500 recipient for many years. Before entering real estate, Hansen worked as a national sales manager for a transportation company. Summerhays is a top producer with Chapman Richards and Associates and a Realtor® 500 recipient. Before entering real estate, he worked in both the private and nonprofit sectors. Outside of his real estate career, Summerhays has served on several nonprofit boards, including United Way of Salt Lake, The Children’s Center Utah, Suazo Business Center, the American Heart Association, Neuroworx and the Canyons Education Foundation.
Builders Blamed for Mold Problems
Brad Hansen
Greg Summerhays
Realtor® Wins New Car Congratulations to Scott Steele, the lucky winner of a 2026 Audi Q3 SUV! Scott invested $500 in the Realtors® Political Action Committee (RPAC) when he paid his annual membership dues earlier this year, automatically entering him into the Dues Giveaway drawing. The annual giveaway helps raise tens of thousands of dollars for RPAC, which uses voluntary contributions to support candidates who understand and champion issues important to the real estate industry. No RPAC investment is required to enter the drawing. Congratulations, Scott, and enjoy the new ride!
Mold problems in newly built homes are fueling disputes between homeowners and some of the nation’s home builders, as residents allege construction defects have allowed moisture to accumulate and mold to spread, according to a recent article in The Wall Street Journal. Homeowners say they have discovered mold in showers, behind walls, inside closets and in other areas of their homes. Some contend exposure has contributed to breathing problems and other health concerns, while remediation, repairs and medical expenses can add up to thousands—or even millions—of dollars. The disputes are increasingly finding their way into court. Homeowners have filed lawsuits against builders alleging that faulty construction contributed to moisture intrusion and mold growth. Builders, meanwhile, dispute many of the allegations and say mold-related litigation is costing the industry millions of dollars. One factor complicating the issue is the evolution of home construction. Modern houses are generally built to be more energy efficient, with tighter building envelopes designed to reduce heating and cooling losses. But those improvements can also leave builders with less room for error when it comes to controlling moisture. If water enters a home because of improper flashing, roofing, plumbing, ventilation or other construction problems, moisture can become trapped and create conditions where mold can flourish.
6 | Salt Lake Realtor ® | September 2026
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$50 Million Road Grant Ties Olympia Growth to Starter Homes State funding for three Herriman roads is contingent on the delivery of 2,500 owner-occupied homes designed to expand attainable housing choices. By the Salt Lake Board of Realtors® A $50 million state grant to Herriman could do more than build three major roads serving one of Salt Lake County’s largest master-planned communities. It could also test a new approach to housing affordability—one based on building smaller homes on smaller lots rather than imposing income qualifications or fixed sales-price caps. Paxton Guymon, general counsel for Edge Homes, described the initiative during a recent presentation to Realtors®. He called it a partnership among the state, Herriman City, the Olympia developer and participating homebuilders—and a “grand experiment” in producing homes that more Utah buyers can afford. Olympia, formerly known as Olympia Hills, encompasses approximately 930 acres in northwestern Herriman. The community is approved for 6,480 residential units, with about 600 completed so far, according to Guymon. 8 | Salt Lake Realtor ® | September 2026
Under its development agreement, at least 30% of the homes must be detached single-family residences, while apartments may account for no more than 37% of the total. The plan also includes approximately 174 acres of open space. The scale of Olympia presents an enormous infrastructure challenge. Large master-planned communities require arterial roads, water systems and other public improvements that can be prohibitively expensive to build at the beginning of development. If those costs fall entirely on developers and builders, construction may proceed in smaller phases and the infrastructure expense is ultimately reflected in home prices. Utah lawmakers created the Affordable Housing Infrastructure Grant Program in 2025 to address that
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problem. The program allows the state to provide grants—not loans—to eligible public entities in Salt Lake County for infrastructure that facilitates affordable housing. In March, the state Affordable Housing Infrastructure Grant Board unanimously approved a $50 million award for Herriman’s Olympia project, subject to verification that the project complies with statutory requirements and the terms of its application. The money is intended to construct three roads serving the western portion of Olympia. Guymon said the developer agreed to dedicate more than 42 acres of needed rights-of-way without charge as part of the arrangement. The award does not simply provide public money for roads. It comes with a substantial housing obligation. State law generally requires at least one affordable home for every $20,000 in grant funding. For Herriman’s $50 million award, that translates into 2,500 qualifying owner-occupied homes. At least 1,250 must be detached single-family residences.
Defining “affordable” Determining what should qualify as an affordable home proved to be one of the most difficult parts of the process, Guymon said.
An earlier statutory definition tied a for-sale home’s affordability to a household earning no more than 120% of area median income. But income-based standards can fluctuate as incomes, mortgage rates and home prices change. They can also require builders or other parties to verify buyers’ incomes with each transaction. Other possibilities included setting a maximum sales price or requiring homes to be priced a specified amount below Salt Lake County’s median. Those approaches presented another concern: If the government established prices below what builders could profitably deliver, builders might decline to participate and the homes would never be constructed. “You have to let the market work,” Guymon said. The 2026 Utah Legislature revised the law, authorizing the Affordable Housing Infrastructure Grant Board to determine what purchase price is affordable within the county. In applying that authority to Olympia, the Board chose not to impose a buyer-income test or a fixed sales-price ceiling. Instead, it defined the qualifying homes through lot and house-size restrictions intended to keep construction costs—and therefore market prices—lower over time. Under the Board’s resolution, the qualifying homes must be sold to owner-occupants and carry a five-year September 2026 | Salt Lake Realtor ® | 9
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deed restriction. At least 1,250 of the 2,500 homes must be detached single-family residences built on lots no larger than 5,000 square feet. A minimum of 500 of those detached homes must contain no more than 1,600 finished square feet, including the finished area of any attached accessory dwelling unit. The remaining qualifying detached homes may contain no more than 1,900 finished square feet. The Board concluded that increasing the supply of smaller starter homes would support affordability not only for their original purchasers but also for future buyers. Unlike a one-time discount, the smaller lots and floor plans remain part of the homes after the initial deed restrictions expire.
Smaller homes—and potential rental income Edge Homes is developing plans that illustrate how the concept could work. Guymon showed detached homes on lots as small as approximately 3,000 square feet, with some floor plans measuring about 1,300 to 1,600 square feet. The homes would use efficient layouts and slab-on-grade construction rather than basements to reduce costs. Some designs also include attached accessory dwelling units with separate entrances and parking. Guymon said an ADU could generate an estimated $1,500 to $1,600 in monthly rent. Depending on the mortgage program and underwriting requirements, a lender may count 10 | Salt Lake Realtor ® | September 2026
a portion of that anticipated rent when qualifying a borrower, potentially bringing ownership within reach of households that otherwise could not afford the payment. The primary residence would still have to be owneroccupied during the restriction period, but the attached ADU could be rented without violating that requirement. For Guymon, the Olympia initiative recalls an earlier generation of starter housing: modest detached homes built efficiently on compact lots. The homes may look similar to townhouses because of their size and proximity, he said, but they will not share walls. The project will require continued cooperation. The state must provide the infrastructure funding, Herriman must oversee the public improvements and housing commitments, the developer must provide land and entitled density, and builders must create homes that satisfy the restrictions while remaining financially feasible. If the model succeeds, Olympia could demonstrate how public infrastructure investment can accelerate housing production while securing a measurable affordability benefit in return. Rather than trying to make a conventional large home inexpensive, the approach starts with a more basic proposition: Build smaller homes, use land more efficiently and give buyers more attainable paths into homeownership.
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Mortgages Now Take 36% of a Typical Family’s Income. Here’s How Financial Experts Say to Prepare Buying a home may require more financial flexibility as mortgage payments claim a growing share of the typical family’s income. By Natasha Etzel Realtor.com® New findings from the latest NAHB/Wells Fargo Cost of Housing Index, a quarterly analysis of housing costs in the United States, paint a sobering picture of the affordability challenges facing homeowners and prospective buyers today. A family earning the nation’s median income of $106,800 now needs 36% of that income to cover the mortgage payment on a median-priced existing home ($434,900) and 34% for a new home ($410,700), up from 32% for both in the first quarter of 2026. The Cost of Housing Index, or CHI, is calculated as the ratio of a mortgage payment to median family income. The mortgage payment is calculated using the median home price, assuming a 10% down payment, and 12 | Salt Lake Realtor ® | September 2026
includes property taxes, homeowners insurance and private mortgage insurance (PMI). As housing affordability worsens, the new data have many hopeful buyers wondering whether they’ll be able to buy a home—now or ever.
Financial Experts Weigh In The 28/36 rule and the 30% income rule are two popular budgeting guidelines for homebuyers. The first recommends spending no more than 28% of gross monthly income on housing and no more than 36% on total debt. The second recommends keeping housing costs at no more than 30% of income.
But given the latest affordability data, are those guidelines still realistic? Financial experts are divided.
So, what about buyers facing mortgage payments that would exceed 30% of their income?
“Rules like the 28/36 rule or the 30% income rule are useful as a starting point, but they don’t tell you what will work for you in your unique circumstances,” explained Linda Grizely, a certified financial planner and financial wellness speaker.
Kates said there is a breaking point. When housing costs exceed 50% of income, the situation becomes critical and requires attention. “Costs need to come down, income needs to go up, or both,” he warned.
She said the better question to ask is: “After I make my housing payment, do I still have enough left for everything else?” Grizely continued, “That includes regular essentials, saving for emergencies and retirement, paying down debt, enjoying life, and handling the additional expenses that come with owning a home.” Stephen Kates, principal at Clocktower Financial Consulting, believes these guidelines remain important benchmarks for buyers to measure themselves against, especially in a market where housing costs can easily push buyers past their limits. “Financial success is rarely about the little things, such as buying coffee or splurging on concert tickets once in a while. Housing, transportation, and high-interest debt need to be carefully controlled, or they can crowd out other necessities and savings,” he explained.
“There should never be a reason for someone to try to buy a home when housing costs would consume such a high percentage of their income. Even at lower levels, such as 30% to 40%, housing costs can crowd out other necessary spending or limit someone’s ability to save.”
Avoid These Costly Mistakes Buyers should take extra care to avoid stretching their budgets too far. “A mistake I often see is assuming that because a lender approves you for a certain loan amount, you can comfortably afford it. These are really two separate things to think about,” Grizely explained. Another misstep is thinking the mortgage payment is the only cost of homeownership. “Even if taxes and insurance are included in the payment, there are utilities, maintenance, repairs, upfront costs of furniture and decor, and sometimes
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Buyers should also compare mortgage rates.
A buyer’s monthly payment and down payment should leave room for the unexpected.
“The total cost of choosing a less competitive mortgage rate can amount to thousands of dollars annually. Monthly costs can be reduced further by buying down the mortgage rate with points, assuming buyers have the spare cash available to pay for those points upfront,” he explained.
“I would rather see someone buy a little less house and still have breathing room. Draining your savings or creating a paycheck-to-paycheck scenario can add a lot of financial stress,” she explained. Kates agreed that buyers should prepare for costs beyond the mortgage payment. He said many buyers mistakenly assume everything will go perfectly after the purchase. “It probably won’t,” he explained. “Homes always have an issue or two, or need something you didn’t expect.” That’s why Kates recommends maintaining a separate emergency fund throughout the purchase process. “If all of your free cash goes into the down payment, you risk having to borrow more to fund any other unexpected expenses,” he cautioned.
How Buyers Can Prepare for Housing Costs What can prospective buyers do to make homeownership more manageable? Kates said finding ways to increase income or reduce other expenses can make a difference. “After the initial down payment, owning a home is primarily a cash-flow equation,” he explained.
14 | Salt Lake Realtor ® | September 2026
Kates said the least attractive option might be choosing a less expensive home, but it can ultimately be the most effective way to lower housing costs. Beyond cutting costs, Grizely suggested starting with a clear picture of what you can afford. “Before you start shopping based on purchase price or what a lender says you qualify for, figure out what monthly payment feels comfortable to you,” she explained. One way to test that is to practice making the payment before buying. “Start setting aside that extra amount each month in a separate savings account. You’ll find out what that payment feels like in real life, and you’ll build up some extra savings at the same time.” Natasha Etzel is a freelance writer with more than a decade of experience covering finance, business and travel for publications including NerdWallet, The Motley Fool, Fast Company and Inc. Reprinted with permission from Realtor.com®.
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Utah Housing Market Shows Resilience Amid Economic Uncertainty Population growth, homeowner equity and major investments continue to support Utah’s housing market. By Dave Anderton Utah’s housing market is moving at a slower pace than it did before the pandemic, but it remains resilient despite high mortgage rates, persistent inflation and growing uncertainty in the national economy.
In fact, Salt Lake County single-family home sales rose 5% year over year in the second quarter, according to UtahRealEstate.com. Condominium and townhome sales also increased 4%.
That was the message from Dejan Eskic, chief economist for the Salt Lake Board of Realtors®, during the Board’s Annual Business Meeting in August. Eskic told Realtors® that Utah continues to outperform the nation in several important areas, even as elevated borrowing costs limit affordability and keep many would-be buyers on the sidelines.
Eskic described the national economy as being in a period of unusual volatility. Inflation, tariffs, geopolitical conflicts and rapid technological change have made it difficult for consumers and businesses to plan. Depending on the data examined, he said, economists can make a case for recession, strong growth or a prolonged period of slow growth.
“Sales are still happening,” Eskic said. “The market is slower, but it’s still moving.”
For now, the United States appears to be avoiding a recession, although the economy is not reaching its full
18 | Salt Lake Realtor ® | September 2026
cuts more difficult. Energy and gasoline costs have contributed to renewed price pressures, raising the cost of transporting goods and ultimately increasing prices for consumers. When inflation grows faster than wages, households effectively lose purchasing power. That can weaken retail spending and make consumers more hesitant to undertake major financial commitments, including buying a home. Mortgage rates also contain a premium for economic uncertainty, Eskic said. Under more stable conditions, rates might be closer to the mid-5% range. Instead, continued volatility in bond markets has kept borrowing costs elevated. He cautioned Realtors® against assuming that a dramatic drop in mortgage rates would automatically be good news. A modest decline could stimulate home sales, but a return to exceptionally low rates could signal that the broader economy had deteriorated significantly. “Be careful what you wish for,” he said.
Household Debt Bears Watching Consumer finances present a mixed picture. Overall delinquencies have not surged, and mortgage distress remains comparatively low. Homeowners generally prioritize their mortgage payments, while delinquencies are more pronounced in credit cards and auto loans.
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potential. The national job market has weakened, and long-term unemployment has been rising. Utah, by comparison, has remained relatively resilient. Utah employment grew about 1.5% from a year earlier, according to figures presented by Eskic. Although that rate is below the 2% to 3% growth Utah has historically experienced, it remains stronger than the national trend. Growth has also been uneven. Several counties lost jobs during the past year, while education, health care, construction and professional and business services posted gains. Manufacturing faced pressure from tariffs and rising transportation costs. The uneven employment picture is important for real estate professionals, Eskic said, because local job growth affects both residential demand and the health of commercial property markets.
The Fed’s Difficult Balancing Act The Federal Reserve faces competing pressures. A weakening labor market ordinarily supports lower interest rates, but persistent inflation makes rate
Those pressures are concentrated heavily among younger consumers. Late payments can damage credit scores and make it more difficult for renters to qualify for a mortgage, creating another obstacle to homeownership. Utah’s foreclosure rate has increased slightly but remains low by historical standards. A major source of protection is the equity accumulated by homeowners. Eskic said the average Utah homeowner has approximately $309,000 in home equity, providing a substantial financial cushion against an economic shock. That stands in sharp contrast to the aftermath of the Great Recession, when tens of thousands of Utah homes were worth less than the mortgages attached to them. Today, relatively few homeowners are underwater, reflecting years of appreciation and more responsible loan-to-value ratios. Equity can also help unlock transactions in today’s market. Sellers who have accumulated substantial equity may be able to use concessions or rate buydowns to make a move feasible while still carrying a sizable down payment into their next purchase.
A Slower but Functioning Market Home sales remain below the levels recorded from 2016 through 2019 and far below the pandemic-era surge. Still, sales during the first seven months of the year increased modestly compared with the same period a September 2026 | Salt Lake Realtor ® | 19
Jason©/Adobe Stock
year earlier, continuing the gradual improvement that began after the sharp mortgage-rate increases of 2022 and 2023.
typical mortgage payment consumed about 16% of monthly income. Today, it is approximately 35%, above the commonly used affordability threshold of 30%.
Inventory has also risen, giving buyers more choices and helping stabilize prices. The ratio of sales to active listings remains below its pre-pandemic average and well below the frenzied market of 2020 and 2021, when homes often sold in only a few days.
That is why lowering the mortgage rate may help buyers more than down-payment assistance alone, Eskic said. A lower rate directly reduces the monthly payment and can improve a borrower’s ability to qualify.
Eskic said today’s higher inventory should not be viewed as evidence that the market has stopped functioning. Rather, it represents a shift toward better balance. Buyers have largely accepted that the extreme conditions and pricing patterns of the pandemic years are no longer the norm. Despite affordability pressures, demand continues to support prices. Utah’s statewide median sales price remains about 2.5% below its May 2022 peak, Eskic said, while Salt Lake County recently reached a record high and posted annual appreciation of roughly 3%. “The segment of buyers who can buy and can move— they’re still doing that,” he said.
Affordability Remains the Central Challenge The greatest obstacle facing the housing market is the size of the monthly payment. In 2012 and 2013, a 20 | Salt Lake Realtor ® | September 2026
Across much of the Wasatch Front, a household generally needs an annual income of approximately $140,000 to $150,000 to afford a median-priced home. The requirement is lower in Tooele County and Iron County, helping drive population growth and new construction toward more affordable areas. The cost difference between buying and renting has also widened. Eskic estimated that the total monthly cost of owning a typical single-family home along the Wasatch Front—including principal, interest, property taxes, mortgage insurance and homeowners insurance—was about $4,000 during the first half of the year. Renting a comparable property cost roughly $2,700, creating a monthly ownership premium of about $1,300 to $1,400. As a result, approximately 91% of renters are priced out of the median-priced home, up from about 59% in 2015.
Eskic said the physical characteristics of new housing must change if Utah is serious about expanding attainable homeownership. His analysis of homes affordable to households earning the median income found that smaller lots and homes of roughly 1,400 square feet were far more attainable than larger homes on quarter-acre lots.
of the inland port, transportation investments and emerging energy projects, will support economic activity. Those investments will also increase competition for construction workers and materials, potentially adding to building costs.
Growth Will Sustain Housing Demand
Utah will need approximately 280,000 additional housing units over the next decade, Eskic said. That includes nearly 62,000 starter homes for younger households, about 120,000 homes for people in their peak earning and family-formation years, and roughly 98,000 units suitable for older residents and downsizers—the state’s fastest-growing age group.
Utah has not recorded an annual population decline since 1947, and that long-term growth remains one of the housing market’s strongest foundations. Salt Lake and Utah counties added the largest numbers of residents last year, but some of the fastest percentage gains occurred in more affordable outlying counties.
Eskic expects home prices to rise approximately 2% this year and 2.5% next year. Although elevated rates and affordability constraints will continue to limit sales, Utah’s population growth, homeowner equity and pipeline of major investments provide a strong foundation.
The pattern reflects the growing prevalence of “drive until you qualify,” as households move farther from major employment centers in search of attainable housing. That shift is creating opportunities in Tooele and Iron counties and other communities beyond the core Wasatch Front.
Despite the economic uncertainty, Utah’s housing market continues to adjust and homes continue to sell. Realtors® who recognize how affordability and population growth are changing buyer demand will be better positioned to serve their clients.
At the same time, major projects, including redevelopment in downtown Salt Lake City, expansion
Dave Anderton is the communications director of the Salt Lake Board of Realtors®.
“Our zoning needs to reflect affordability,” he said, calling for communities to allow smaller lots and a broader range of housing types.
September 2026 | Salt Lake Realtor ® | 21
Chatchanan©/Adobe Stock
Mortgage Rate Shock Stalls Housing Market as 8-Month Growth Streak Collapses With mortgage rates hovering close to 6.7%, more home sellers may resort to slashing prices or pulling their home. By Snejana Farberov Stubbornly high mortgage rates finally took their toll on buyer demand in August, snapping an eight-month streak of pending sales growth even as sellers slashed prices. The share of listings in pending status fell 0.2% from a year ago, marking the first negative readout since November 2025, according to the latest Realtor.com® monthly housing market trends report released Sept. 2. A sale is listed as pending when a seller has accepted an offer from a buyer, but the deal has not yet closed. The pending home sales rate is a crucial indicator of the housing market’s health because it helps predict the rate of finalized home sales a month or two later. Pending sales have been losing steam since May, when 22 | Salt Lake Realtor ® | September 2026
the growth rate reached a selling-season peak of 4.8%. That coincided with a steady climb in mortgage rates driven by the ongoing conflict in the Middle East, which put upward pressure on oil prices and fueled inflation fears. The average rate on 30-year fixed home loans hit its 2026 high of 6.69% on Aug. 6, according to Freddie Mac. Rates hovered in that range for the next three weeks amid bond market volatility, closing out the month at 6.66%—up more than 20 basis points from early July. “It looks like August was the month where higher mortgage rates really caught up to housing demand,” said Realtor.com senior economist Jake Krimmel,
noting that rates crossed above their year-ago levels in early August.
Still, he conceded that six months of climbing mortgage rates have not helped matters.
Krimmel added: “A year ago at this time, rates were declining, so that year-over-year comparison might just get uglier in the coming months.”
“Regardless of whether it’s due to dog days of summer seasonality or real signal, housing activity is slowing for now,” he concluded.
Benjamin Cohen, managing director and senior vice president of mortgage lending at Rate, said retreating pending sales reflect the market’s persistent affordability challenges.
Nadia Evangelou, principal economist at the National Association of Realtors®, agreed that persistently elevated mortgage rates have had a chilling effect on summer demand.
“Buyers understand rates aren’t going back to 3%, but when you combine today’s rates with home prices, taxes, and insurance, the monthly payment can still be tough to justify,” Cohen told Realtor.com. “When rates moved higher again this summer, it caused some buyers to pause, while others believe the short-term affordability factor will improve when we find stability in the markets.”
“Mortgage rates are the biggest factor,” she told Realtor.com. “Even a modest decline in rates can help affordability and bring more buyers back, but also ease the lock-in effect for homeowners.”
Regional divergence Regionally, the Midwest suffered the most dramatic setback last month, with pending sales plunging 4.3% compared to 2025. The West followed with a 3.3% decline.
Fewer sellers are throwing in the towel In good news for buyers, delistings were down nearly 13% compared to last year’s “Cruel Summer,” suggesting that most sellers were sticking it out rather than retreating in frustration. Overall, August housing data told the story of a softening yet functioning market.
“We are seeing real evidence on multiple indicators of the Midwest slowing down,” said Krimmel. He attributes this trend in part to higher interest rates in late summer starting to wear down on the traditionally affordable region. In contrast, pending sales rose 1.8% year over year in the South and 1.1% in the Northeast.
Price cuts catch up to 2025 levels Alongside pending sales, price cuts serve as another crucial gauge of market health. In August, 20.4% of active listings saw price reductions, catching up to last year’s level for the first time in 2026 after lagging all spring. In the supply-constrained, in-demand Northeast and Midwest, price cuts were least common, appearing on 14.15% and 19.6% of listings, respectively. In the inventory-rich West and South, 22% and 21.4% of listings, respectively, were discounted. “Both are signs of weakened buyer demand in the face of higher mortgage rates at the wrong time of the year,” said Krimmel.
The role of seasonality The economist stressed that there is room for some nuance when interpreting the monthly housing data, and that August’s slowdown likely stems not only from economic headwinds but also from seasonal trends. “It’s a time of year when activity typically winds down rather than ramps up,” said Krimmel. “Plus, the U.S. just suffered through two of the hottest months on record—hardly ideal house-hunting weather.”
September 2026 | Salt Lake Realtor ® | 23
Photo: Image licensed by Ingram Image
The national median asking price fell for the 10th consecutive month to $424,500, down 1.3% from last year. Notably, prices have been falling slower than before, with August’s drop rate being half of July’s 2.4%. Active listings edged up by 3.6% year over year, with all four regions gaining inventory for the first time in months. However, new listings were slightly in the red nationally and in most regions, with only the West registering a 1.5% gain. Krimmel said falling pending sales and new listings are both signs that the “natural churn” that keeps the housing market moving has stalled. However, Cohen made the case that a less active market is not necessarily a negative thing. “For buyers, a slower market can actually create opportunity,” he said. “There is more time to make a decision, more negotiating power, and potentially more flexibility from sellers. If you find the right house and the payment works, I wouldn’t sit on the sidelines waiting for the perfect market.” For sellers, Cohen stressed that pricing matters, and homes that are priced strategically still move quickly.
What needs to happen for fall market acceleration? Going into September, Krimmel said it is important to keep an eye on the trajectory of delistings and their geography: Are more sellers withdrawing from the market, and where? The other key bellwethers to monitor are price reductions and seller strategy. So far in 2026, sellers have cut less often and less deeply, with repeat discounts nearly halved from last July. “All spring and summer, we praised sellers for pricing realistically and noted they were being rewarded for 24 | Salt Lake Realtor ® | September 2026
doing so with more homes going under contract than last year,” said Krimmel. But that dynamic is predicated on buyers continuing to show up. “If that spigot turns off, with rates hovering close to 6.7% approaching the slow season, more sellers may resort to slashing prices or pulling their home,” predicted the economist. Krimmel said that for pending sales to accelerate this fall, mortgage rates will have to see a meaningful decrease, similar to what happened last year, when they shed roughly 20 basis points between early and midSeptember and settled below 6.2% by Halloween. “We are a long way off from that this fall,” he said. According to Evangelou, even incremental rate declines unlock significant purchasing power. “A 1 percentage-point drop in rates can allow about 5.5 million more households to afford the medianpriced home,” the NAR economist said. “We also need more homes in the price ranges that buyers can afford. Inventory has improved, but the market still needs more affordable listings.” Meanwhile, Cohen argued that market stability could prove just as influential as lower borrowing costs. “Buyers can plan around a 6.75% mortgage rate if they believe it’s going to stay there,” he said. “It’s much harder when rates are moving week to week based on the latest headline. Give buyers a little more affordability and some certainty, and I think you’ll see more of them get off the fence.” 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®.
Valentin©/Adobe Stock
Why Big Banks Are Pouring Billions Into Reviving the Housing Market Banks are now also expanding their support for efforts like zoning reform, building code changes, and new homebuilding in an effort to restore affordability to the housing market. By Tristan Navera JPMorgan Chase, the nation’s largest bank, is a name typically attached to big numbers. But a new plan to invest $750 billion into housing market initiatives in the next decade stands out. The bank announced this summer it would deploy $750 billion into the housing market through 2035. Its “American Dream Initiative” aims to build or preserve 1 million affordable housing units and help 500,000 customers purchase homes, 200,000 of them for the first time. It’s not alone. Wells Fargo, Citibank, and Bank of America—which, with JPMorgan, comprise the “big four” of American finance—have each announced major housing initiatives. And, like the $5 trillion JPMorgan Chase, they’re directing tens of billions toward the problem. The nationwide housing supply shortage, as well as rampant pessimism among young people, make the 26 | Salt Lake Realtor ® | September 2026
issue too big to ignore, said Sam Sheets, a strategy executive for Community & Affordable Lending at JPMorgan Chase. “At the end of the day, it’s a function of supply and demand,” Sheets said. “Supply is the big issue—and supply of homes at the right price point.” Housing has long been a major focus for banks. Bank of America, for instance, has provided $15 billion in loans and grants since 2019 to support down payments, closing costs, and affordable mortgage options for homebuyers. It partners with 300 housing counseling groups in the process. But banks are now also expanding their support for efforts like zoning reform, building code changes, and new homebuilding in an effort to restore affordability to the housing market—and potentially expand the pool of mortgage borrowers, which has been shrinking lately.
“It’s driven by slower new construction but also just a lock-in effect, which has forced families to stay put when they would have moved and upsized,” Sheets said.
The business case for bank intervention Reading between the lines, banks may be concerned about the decline in mortgage business in recent years. The number of annual new mortgage accounts at large banks has hovered below 500,000 for the past three years, well below the million-plus levels typically seen in a single year before the pandemic, according to tracking from the Philadelphia Fed. The sharp drop-off in big bank mortgages is due in part to increased competition from specialty lenders, but the main culprit may be the overall decline in homebuying activity since 2022. Bernard Nossuli, COO at lending data company iEmergent, noted the mortgage business has been racked by the uncertain market, including high interest rates and limited signals from the Federal Reserve about when that might change. Roughly 581,000 home purchase loans were originated from January through March 2026, down 19% from the previous quarter and a 12-year low. With many younger buyers priced out, and older buyers “locked in” to homes with low rates, supply-side solutions seem to be the easiest lever to pull right now.
the new initiatives would double the pace, Skyler said. Citi also committed $50 million to support housing nonprofits, including “seed funding” to support predevelopment work like architecture and zoning studies on new housing projects. That support helps those companies prepare developments to turn dirt. Their role in their cities makes their housing pitches more likely to be successful, Skyler said. “This is an issue that is really harming Americans across the country, and not just in the big cities,” he noted.
Banks push for policy change In the case of JPMorgan, the bank has leaned into thought leadership. It has backed housing market analysis through a policy center that advocated for reducing regulatory barriers and encouraging manufactured housing innovation. “We’re really trying to look at what levers, and particularly state and local levers, that can reduce the cost drivers of what it takes to build housing,” Olivia Barrow Strauss, vice president of Housing Policy at JPMorgan, recently told Realtor.com®.
But while those policies might seem straightforward, “the reality is a lot more complicated than that,” Nossuli said.
And for Citi, policy advocacy is part of its plan, too. Its blueprint encourages lawmakers to consider changes to the Low Income Housing Tax Credit, a tool that helps finance affordable housing development. Allowing it to be transferrable would encourage more banks and other investors to put money behind the credit that developers can use, Skyler said.
Beyond mortgages
“We’re seeing a lot of money left on the table,” he noted. “Our idea is simply to ... try and create a market for them.”
Obviously, banks have always played a major role in the housing market via the mortgages they provide. But as the nation confronts a major affordability crisis with complex causes and difficult solutions, banking leaders have sought a more proactive role. The $49 trillion housing market has been the bedrock of Americans’ financial prosperity for generations. But the shortage of millions of homes, as well as millions of affordable rentals, has meant more Americans’ financial lives are being stifled because housing eats into their ability to save and invest. At a Washington, DC, conference hosted by the Bipartisan Policy Center in June, Edward Skyler, head of Enterprise Services for Citi, said the private sector has roles to play around the edges. “We need American ingenuity and entrepreneurship to help us build cheaper,” Skyler said. “We need to apply some of this great intellectual capacity and allocate some of that brain power to housing, because it is ripe for innovation.” This year, Citi launched its “Blueprint for Housing Opportunity Initiative,” a $60 billion plan to support the preservation and construction of 250,000 homes. Last year, it financed $7 billion to support 30,000 units, and
The banks are also backing the private sector. Wells Fargo has awarded $53 million to back innovations in home construction and financing through its “Housing Affordability Breakthrough Challenge.” Its foundation has contributed $830 million toward housing efforts since 2019. The initiatives aren’t just a philanthropic effort, either. Dennis Shea, co-leader of BPC’s Terwilliger Center for Housing Policy, said the housing shortage has major macroeconomic effects that limit labor mobility, productivity, and economics. That in turn limits bank customers and stifles growth of the broader private sector. At Chase, Sheets said the bank is aggressively trying to grow its mortgage business. It originated $52.8 billion in mortgage volume in 2025, up from $40.8 billion in 2024, according to its most recent financial reporting. The bank’s housing initiatives offer it “a more comprehensive view” for how it can positively influence housing supply, he said. 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®. September 2026 | Salt Lake Realtor ® | 27
July 2026 Housing Watch Salt Lake County Home Sales Rise 3% in July Home sales across all housing types in Salt Lake County increased 3.26% in July, rising to 1,173 transactions from 1,136 a year earlier. The median sales price, however, edged down 0.90% to $545,000 from $549,950 in July 2025. The July market showed a sharp divide between single-family and multifamily housing. Single-family home sales declined 1.02% to 778 transactions from 786 a year earlier, while multifamily sales—which include condominiums, townhomes and twin homes—jumped 15.69% to 376 sales from 325. Prices moved in the opposite direction from overall sales. The median price of a single-family home rose 1.96% to $650,000, up from $637,500 a year earlier. The multifamily median increased even more, climbing 5.01% to $438,750 from $417,800. Buyers also had considerably more homes to choose from. Active listings across all housing types totaled 3,664 at the end of July, up 10.49% from 3,316 a year earlier. New listings increased 7.75% to 1,669 from 1,549. The rise in inventory gives buyers more options and may help explain why the overall median price declined slightly even as prices increased within both the single-family and multifamily categories. Changes in the mix of homes sold can influence the overall median. Homes also took slightly longer to sell. Median cumulative days on market across all housing types increased to 36 days from 35 a year earlier. Single-family homes remained at 32 days, while the multifamily median increased to 45 days from 42.
“Home sales have been remarkably stable, even amid the rising mortgage rate environment of the past few months.” Lawrence Yun Chief Economist National Association of Realtors®
One cautionary sign was the decline in pending activity. Listings under contract totaled 930 at the end of July, down 10.66% from 1,041 a year earlier. Because pending contracts often translate into closed sales in subsequent weeks, the decrease could signal softer sales activity ahead. Mortgage rates remained a significant affordability hurdle. The average rate on a 30-year fixed mortgage was 6.54% in July, according to the National Association of Realtors®, up slightly from 6.49% in June but below 6.72% in July 2025. Nationally, existing-home sales declined 1.7% from June but increased 0.7% from a year earlier to a seasonally adjusted annual rate of 4.06 million. The national median existing-home price rose 2% year over year to $434,100, marking the 37th consecutive month of annual price increases. Housing inventory totaled 1.54 million units, representing a 4.6-month supply. “Home sales have been remarkably stable, even amid the rising mortgage rate environment of the past few months,” said Lawrence Yun, chief economist for the National Association of Realtors®. Yun noted that year-to-date national sales were up 2.4% and said the market would likely be stronger if average mortgage rates moved closer to 6%. Salt Lake County’s July numbers similarly reflect a market that continues to generate buyer activity despite elevated borrowing costs. More inventory is providing buyers with greater choice, while the strong increase in multifamily sales highlights continued demand for alternatives to higher-priced single-family homes. 28 | Salt Lake Realtor ® | September 2026
Salt Lake County
Source: UtahRealEstate.com
Local Market Update for JuLY 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
1,136 786 325
$549,950.00 $637,500.00 $417,800.00
35 32 42
1,549
1,041
3,316
2026
All Housing Types Single Family Multi Family
1,173 778 376
$545,000.00 $650,000.00 $438,750.00
36 32 45
1,669
930
3,664
2.86% 0.00% 7.14%
7.75%
-10.66%
10.49%
COMPARISON TO LAST YEAR -% DIFFERENCE
All Housing Types 3.26% Single Family -1.02% Multi Family 15.69%
NO. OF SALES 1,173 1,136
-0.90% 1.96% 5.01%
MEDIAN SOLD PRICE $549,950
ALL HOUSING TYPES JULY 2026
NEW LISTINGS
1,669
1,549
ALL HOUSING TYPES JULY 2025
2.86%
ALL HOUSING TYPES JULY 2026
UNDER CONTRACT LISTINGS
ALL HOUSING TYPES JULY 2025
ALL HOUSING TYPES JULY 2026
1,041 -10.66%
ALL HOUSING TYPES JULY 2025
ALL HOUSING TYPES JULY 2025
ALL HOUSING TYPES JULY 2026
ACTIVE LISTINGS AS OF JULY. 31
930 7.75%
36
35
-0.90%
3.26%
ALL HOUSING TYPES JULY 2025
$545,000
MEDIAN DAYS ON MARKET
3,664
3,316 10.49%
ALL HOUSING TYPES JULY 2026
ALL HOUSING TYPES JULY 2025
September 2026 | Salt Lake Realtor ® | 29
ALL HOUSING TYPES JULY 2026
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