As realtors from Utah join the nation in the annual National Association of Realtors conference held in Boston next month, they will arrive with another year of increase in values and decrease in sales. Current median home prices in the Salt Lake City area are at $538,200, an increase of 6.6% year-over-year, according to the National Association of Realtors (NAR).
SALT LAKE CITY, UT / ACCESSWIRE / October 31, 2024 / The NAR NXT Conference will be held in Boston, Massachusetts this year, attracting some 12,000 attendees, more than 350 industry-leading exhibitors, and 100+ speakers. The conference comes at a time when sales of existing U.S. homes are trending toward their worst year since 1995, and Utah remains elevated, not only in feet above sea level, but also in real estate values. The U.S. median home price of $416,900 is significantly below the Salt Lake City area's $583,200, according to the National Association of Realtors (NAR). Since 2021, the Salt Lake City area has experienced a 20.1% increase.
High mortgage rates and high demand for homes have continued to keep prices elevated in the U.S., and even more so in the Western states. The Housing Affordability Index published by NAR indicated that as recent as August 2024, the West continues to have significantly lower affordability than the Northeast, Midwest, and South areas of the U.S. Of those areas in the West, Utah is one of the least affordable.
At the same time, unemployment rates in Utah remain some of the lowest in the U.S. The Salt Lake City area unemployment rate was last recorded at 3.6%, whereas the U.S. was at 4.3%, according to national unemployment figures. This continues to contribute to the higher housing costs in Utah as compared to the rest of the U.S.; in part because more people are employed and can afford these elevated rates. But how long will this last?
Economic Activity Indexes calculated by NAR gave some relief. The index showed a slight decrease month-over-month, from July through August, 2024, but it still remains stronger than the rest of the U.S. If that trend continues, it could lead to more layoffs and a softening of the real estate market.
National Association of Realtors Conference:
NAR NTX, The REALTOR Experience, November 8-10, 2024, Boston, MA
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