Utah Asking Prices Stall at $244/sqft

Sellers listed 38,205 properties in Utah through July 28, up 3.6% from the same period last year. The median asking price is $244 per square foot, unchanged from a year ago. The average asking price is $287 per square foot, up 1.2%.

Growth came from the ends of the price range. Listings under $300,000 total 2,561, up 14.9% from 2,228 a year ago. That is the fastest growth of any tier, though it is still only 6.7% of the market.

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The $3 million and up range is up 13.5% to 858 and the $1 million to $3 million range is up 6.3% to 4,433.

Listings over $1 million are now 13.8% of the market, up from 13.4% last year.

The middle price ranges moved the least. The $300,000 to $500,000 range holds 13,286 listings, up 1.6%. The $500,000 to $700,000 range holds 10,848, up 1.7%. Those two tiers are 63% of all new listings this year, down from 64% last year. The $700,000 to $1 million range holds 6,219, up 4.0%.

Asking prices rose with each step up the price ladder. The $3 million and up tier is at $885 per square foot, up 3.4%. The $1 million to $3 million tier is at $329, up 1.3%. The $700,000 to $1 million tier is at $233, up 1.3%. The $500,000 to $700,000 tier is at $230, up 1.0%.

Below that tier the direction flips. The $300,000 to $500,000 range is at $244, down 0.1%. Under $300,000 asking prices fell 2.2%.

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Every tier above holds between 858 and 13,286 listings, so the pattern rests on real volume rather than a handful of properties. One note on the bottom tier. We combined everything under $300,000 into one group because the ranges below $200,000 carry fewer than 500 listings each and cover a different kind of property, with medians of $67 and $117 per square foot. The 2.2% decline is the figure for the $200,000 to $300,000 range, which holds 62% of the combined group.

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Statewide asking prices are flat at $244 per square foot, but that number is the average of two different markets. Above $500,000, sellers are asking 0.9% to 3.4% more per square foot than a year ago. Below $500,000, they are asking the same or less. New listing volume grew fastest above $1 million and below $300,000, and slowest in the $300,000 to $700,000 range that makes up most of the market. These are list prices, not closed sales.

_{Data sourced from Wasatch Front Regional MLS (RapidStats) New Listings by Price Range report, year-to-date through July 28, 2026. These are asking prices on new listings, not closed sales.}

11 recorded multi-unit sales statewide, July 21 to 28, 2026. Prices ran from $291,000 for a Vernal duplex to $1,300,000 for an American Fork fourplex. Ten of the eleven closed below their asking price, and the eleventh closed at exactly its list price. None sold above asking.

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Mortgage rates backed off a little this week. The average 30-year fixed is 6.76%, up 0.01% from last week and up 0.23% over the past month. Rates touched 6.85% on July 23, matching the highest level in a year, and have eased since. Compared with a year ago they are down 0.05%. The bigger move was in adjustable loans, where the 7/6 ARM fell 0.16% to 6.34%. That puts it 0.42% below the 30-year fixed, up from about a quarter point last week. An ARM, or adjustable-rate mortgage, holds a fixed rate for a set number of years and can then move up or down.

The 10-year Treasury yield, which mortgage rates tend to follow, slipped to about 4.62%, down roughly 0.02% from last week. The small drop is what pulled home loan rates back off their high. The Federal Reserve meets July 28 and 29, and traders are split on the outcome, so rates could move either direction once that decision lands.

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Utah Headlines

Salt Lake City's Housing Incentive Is Pulling Duplexes and Fourplexes Into Single-Family Zones — Two years in, the city has taken 32 applications covering 1,338 dwelling units under its Affordable Housing Incentives program, including seven duplex and fourplex projects and eight sited in single-family zones, but only two projects have been completed.

Greater Downtown Salt Lake City Has Added More Than 8,000 Apartments Since 2020 — Newmark Mountain West's look at the county's three billion-dollar districts also puts downtown restaurant and bar taxable sales at $558 million in 2025, up 26% from 2019, and hotel room nights sold at two million in 2024, up 42.9%.

Summit County Backs a 216-Unit Project on Rasmussen Road That Builds the Affordable Homes First — The county housing board voted unanimously to endorse Lincoln View, a three-phase project on 23 acres that would open with 60 income-restricted for-sale condos and hold about half its units for workers earning 80% or less of the county median income.

National Headlines

Apartment Cap Rates Are Sitting 1.4 Points Above Their 2022 Level as Sales Volume Flatlines — Apartments traded for $36.7 billion in the second quarter, up just 1% from a year ago, and volume would have fallen 8% without a single $3.4 billion deal, while cap rates held at 5.9% against 4.5% in 2022, according to MSCI.

Builders Have Pulled Back Hard Even as Renters Keep Filling Units — Renters took up more than 250,000 net apartments in the first half of 2026, while first-quarter construction starts fell to 55,000 units, the lowest since 2011, and completions ran 53% below their 2024 peak.

National Asking Rents Rose Just 1% in the First Half, and Sun Belt Metros Are Falling — Yardi Matrix put the average U.S. asking rent at $1,763 in June, up 0.2% from a year ago, with Austin down 4%, Denver down 3.1% and Phoenix down 2.7%.

Home Prices Are Falling Across the Mountain West While Midwest Metros Climb — The S&P Cotality Case-Shiller national index rose only 1.1% in the year through May, with Denver down 1.8% and Las Vegas down 1.9% while Chicago gained 6.9%.

Pending Sales Hit a Three-Month Low as Daily Mortgage Rates Touched an 11-Month High — Redfin counted 327,188 pending sales, down 1.3% from the week before, as the daily 30-year rate reached 6.77% and months of supply slipped to 3.4.

Traders Put Better Than One-in-Three Odds on a Fed Rate Hike This Week — CME FedWatch data gave a 36.5% chance of a quarter-point increase at the meeting ending July 29 and 79.6% odds of at least one hike by September, with the federal funds target at 3.50% to 3.75% and inflation running at 3.5%.

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David Robinson - Principal Broker | Investor