Utah Duplexes Now Take 55 Days to Sell. Last Year It Was 21.

Utah has 13,975 active listings this week, up 7.3% from a year ago. None of that growth came from single-family homes. Detached listings sit at 8,980, slightly below last June. The buildup is everywhere else. Townhomes are up 24.8% from a year ago. Condos are up 22.1%. Duplexes are up 38.3%. Fourplexes are up 58.5%.

Demand is moving the other way. May closings hit 3,620 statewide, down 7.7% from May 2025. Single-family held up best: down 4.3% in May, up 7.1% on the year. Townhome sales fell 15.7% in May. Condo sales fell 14.3%.

Months of supply ties the two together. It tells you how long it would take to sell every listing at today's sales pace. Three to four months is balanced. Above six favors buyers.

Stack May's numbers by dwelling type and the market sorts itself into a ladder. Single-family: 3.3 months, same as last year. Townhomes: 4.1, up from 2.9. Condos: 5.9, up from 4.3. Duplexes: 6.2, up from 3.9. Fourplexes: 11.3, up from 9.3. And 5+ unit properties sit at 30.3 months, up from 19.8. We left that bar off the chart because it breaks the scale. Each step away from a detached home adds supply pressure. Every rung but single-family got worse this year.

Sellers are feeling it. The median duplex sold this year took 55 days to go under contract. Last year it took 21. Fourplex sellers are closing about 6% below original asking price. Condos sold at $280 per square foot year-to-date, down 4.5%. Single-family held flat at $229.

One caveat. The small multifamily numbers run thin. Only 3 properties with five or more units closed in May. Just 30 fourplexes have sold all year. Read those as direction, not precision. The townhome and condo trends sit on thousands of listings.

If you're buying duplexes through fourplexes, you have more leverage than you've had in years. More listings. Longer market times. Sellers already cutting. Underwrite at today's rents and negotiate from the data.

If you're selling attached or multi-unit property this year, price to current comps from day one. A duplex priced to 2024 expectations sits for two months and follows the market down.

If you hold condos as rentals, watch prices. Sold prices down 4.5% with supply up 22% points to more softness ahead.

Utah is one market for detached homes and a different market for everything else. Single-family is steady. Attached and multi-unit product gets softer with every added unit. The leverage is in income property right now. We'll watch whether supply keeps building through the summer.

_{Data sourced from UtahRealEstate.com dwelling type reports (statewide), prepared June 10, 2026}

Mortgage rates climbed again this week. The 30-year fixed sits at 6.68%, up 0.11 from a week ago and up 0.26 over the past month. That puts it near the top of its 52-week range of 5.99% to 6.95%. The silver lining: rates are still 0.27 lower than this time last year. The 15-year fixed is at 6.20%, and the 7/6 ARM at 6.31% offers too thin a spread to make adjustable debt worth the risk right now.

The 10-year Treasury sits at 4.53%, up roughly a tenth of a point since late May. Mortgage rates move with the 10-year, so this climb is what pushed mortgage pricing higher. Until the 10-year turns lower, near-term rate relief looks unlikely. If you're underwriting a purchase, pencil today's rates, not April's.

Utah Headlines

71% of Box Elder County Residents Oppose the O'Leary Data Center as County Weighs Moratorium — A new poll finds 71% of residents oppose the 20,000-acre Stratos project and 74% disapprove of how it was approved, and commissioners will consider a six-month freeze on new data center proposals this week.

New National Index Says Utah Is Better Positioned on Housing Affordability Than 48 States — NMHC and NYU's new Housing Affordability Index finds most states are more than 100 years from solving affordability; only North Carolina could get there within one generation, with Utah next at two.

Utah CRE Leaders Call It a Borrower's Market as 40,000-50,000 New Residents Arrive Each Year — Lenders at Utah Business's June CRE roundtable say it's "a borrower's market right now for deals that can pencil," while developers credit in-migration equal to a new city every year and flag downtown Salt Lake multifamily as possibly overbuilt.

National Headlines

Inflation Jumps to 4.2%, a Three-Year High, as Energy Costs Climb 23.5% in a Year — Energy drove more than 60% of May's monthly CPI increase while core inflation held at 2.9%, per NAHB's read of this morning's release, complicating any path to lower interest rates.

May Jobs Surprise: 172,000 New Jobs Doubles Forecasts and Pushes Rate Cuts Further Out — Payrolls more than doubled the 80,000 expected and unemployment held at 4.3%, the report behind last week's jump in mortgage rates and the near-zero odds of a Fed cut at next week's meeting.

Apartment Values Down 10% From Peak, but the Pain Is Concentrated in Class C and the Sun Belt — Stabilized Class A assets are off just 7% to 8% from 2022 prices while Sun Belt workforce product has lost 20% to 30%, with stabilized deals now clearing at 5.25% to 5.5% cap rates, according to RealPage.

CRE Investors Are Sitting on Their Hands: 71% Kept Exposure Unchanged in Q2 — The Burns + CRE Daily Fear and Greed Index held at 56, but access to capital worsened sharply and investors lowered near-term expectations in every major property sector.

Agency Multifamily Debt Keeps Performing: Freddie Delinquencies at 0.43% While CMBS Hits 7.28% — MBA's first-quarter data shows agency multifamily loans nearly spotless (Fannie Mae at 0.78%, Freddie Mac at 0.43%) while CMBS delinquencies climbed 70 basis points to 7.28%.

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David Robinson - Principal Broker | Investor