Utah Home Sales Drop 7% in February;

Utah Market Data

Utah Real Estate Market Update — February 2026

More Homes, More Hesitation

If you've been watching the Utah market, February's data tells a pretty consistent story: supply is growing faster than demand. That's true across both single-family and multi-unit properties.

Single-Family Homes

New listings came in at 4,686 in February, up 8% year-over-year, and sellers are maintaining that pace with 9,125 listings through February versus 8,615 at this point last year. Buyers haven't matched that energy — closed sales dropped 7% in February to 2,564, the sharpest monthly decline in over a year.

Median sales price held at $510,000, up just 1.8% from last year. Prices are stable but appreciation has slowed considerably. Active inventory is up 9.1% to 10,356 listings, and months supply has climbed to 4.0 — not a buyer's market yet, but trending that way.

Multi-Unit Properties (Duplexes, Triplexes, Fourplexes & Larger)

We're only two months into 2026 and this is an inherently low-volume segment — 69 closings year-to-date statewide — so we'll keep conclusions light here. The data is worth watching, not reacting to yet.

That said, a few things stand out. New listings are up 10% year-to-date and inventory has jumped 38.7% to 294 active listings.

The YTD median price of $611,000 is down 7.3% from this time last year. And months supply sits at 9.8, which is technically a buyer's market. Whether that holds as volume picks up through spring and summer remains to be seen.

What This Means for You

If you're actively looking at single-family investments, you have more inventory to work with than you've had in years and sellers are starting to feel it — days on market are up and the percent of list price received is ticking down. That's not a dramatic shift, but it gives you more room to negotiate than the market has offered recently.

On the multi-unit side, the inventory build is real and the direction is favorable for buyers. If you've been watching a specific submarket or property type, now is a reasonable time to be more active in your outreach to brokers and owners. Just don't anchor too hard to February's price data — the sample is too small to trust.

The Bottom Line

More supply, softer demand, stable prices. That's the February story for single-family. Multi-unit is flashing some early buyer-friendly signals, but it's too early to call it a trend. We'll be tracking both segments closely and keeping you posted each week as the spring data starts rolling in.

Data sourced from UtahRealEstate.com Monthly Metrics Report, February 2026. All figures statewide unless otherwise noted.

Featured Listings

Canovo Group may not be the listing brokerage for the above properties. The information provided is not guaranteed and should not be relied upon to make investment decisions. Buyers should complete their own analysis and due diligence before making any investment.

Mortgage Rates & Financing

Mortgage rates moved slightly higher this week, with the 30-year fixed now around 6.13%. Most loan types are up about 0.07% to 0.14% week-over-week, reversing some of the recent declines. Even with the short-term uptick, rates remain roughly 0.4% to 0.7% lower than a year ago, while adjustable products are down close to 0.9% year-over-year. The near-term trend is a modest bounce after several weeks of easing.

The 10-year Treasury is sitting near 4.08%, rebounding over the past few days after briefly dipping below 4.0%. Overall, rates are still moving within a relatively tight range, suggesting the market is stabilizing rather than making a decisive move higher or lower.

Source: Mortgage News Daily/Market Watch

Headlines & Insights

Utah Headlines

Utah's First-Time Homebuyer Program Helps 3,000 Buyers But Has Limitations – Utah's $70 million first-time homebuyer program has assisted about 3,000 households with $20,000 forgivable loans for newly-constructed homes under $450,000, with funding remaining for 500 more buyers, though economists say the program won't significantly ease Utah's housing crisis when the need is in the hundreds of thousands

Davis & Weber County Apartment Rents Flat, Vacancy Drops to 4.7% – Average apartment rents in Davis and Weber County increased just 0.8% year-over-year to $1,501 in Q4 2025, while vacancy tightened substantially from a 10% peak in 2023 to 4.7% as new construction deliveries dropped 44% to 1,775 units in 2025

National Headlines

Trump's Institutional Investor Ban Faces Skepticism from Experts – Trump's executive order banning large institutional investors from buying single-family homes faces doubt from experts since these investors account for only 1-2% of total purchases, though the order includes a carve-out for build-to-rent construction.

Commercial Real Estate Now Cheaper Than Stocks for First Time in 20 Years – Commercial real estate valuations have fallen below US equities for the first time in nearly two decades, with private CRE values expected to grow nearly 5% in 2026 as investor redemption pressures ease and transaction volumes recover.

U.S. Apartment Occupancy and Rents Rise for Second Straight Month – U.S. apartment occupancy reached 94.8% in February after rising 10 basis points in both January and February, marking the first back-to-back monthly increases in two years, while effective asking rents climbed 0.3% month-over-month though remained 0.4% below year-ago levels.

Mortgage Rates Face Volatility Amid Iran Conflict After Dipping Below 6% – Mortgage rates dropped below 6% last week for the first time in three and a half years as negative AI sentiment drove investors to bonds, but rates jumped 11 basis points today due to concerns over the Iran conflict, with uncertain impacts on housing through oil market volatility.

Multifamily Absorption Rate Stuck Below 50% for Fourth Straight Quarter – Just 47% of the 93,680 new apartment units completed in Q2 2025 were rented within three months of completion, marking the fourth consecutive quarter below 50%—a pattern never before seen in Census Bureau data—though median asking rent rose 5.3% year-over-year to $1,860

Thinking about buying, selling, leasing or exchanging property in Utah?

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David Robinson - Principal Broker | Investor