SALT LAKE CITY (AP) — Home prices around Utah’s capital jumped a staggering 31% over the last year in the latest sign of Utah’s housing crisis.
The Salt Lake Tribune reports Wasatch Front real estate agents Thursday decried the dire lack of homes on the market as prices climb and sales bog down.
Salt Lake County’s median price on a single-family home inched past the eye-catching $500,000 mark sometime in March and then reached $535,000 last month.
The Salt Lake Board of Realtors says average new home listings now draw 30 to 40 offers and sell in five days.
They say more construction is desperately needed to fill the gap.