Utah Market Update - July 2026

This week we cover the market update from July and year-to-date for both single family property (houses, townhomes, condo’s, twin homes) as well as residential multi-unit property (2-4 units). Keep in mind, multi-unit property only has a few dozen sales a month, so the year-to-date figures carry more weight there than any single month.

Utah sellers listed 5,506 single-family homes in July, up 4.6% from 5,264 a year ago. Year to date the count is 37,712, up 3.6% from 36,416.

Multi-unit listings were flat. July brought 86 new listings against 87 last July. Year to date the count is 563, up from 558. Single-family added 1,296 listings this year. Multi-unit added five.

Single-family sales fell in July. 3,503 homes closed, down 3.9% from 3,645. Year to date the count is 23,175, up 2.9% from 22,516.

Multi-unit went the other direction. 47 properties closed in July, up 14.6% from 41. That gain is six sales in a segment that averages 39 a month, so treat it lightly. Year to date, multi-unit closings total 248, down 6.8% from 266.

Pending sales point the same way. Multi-unit properties under contract at the end of July numbered 65, against 50 a year ago. Single-family pendings were 4,478, against 4,510.

The single-family median was $529,000 in July, up 1.2% from $522,500. Year to date it's $521,007, up 1.6% from $513,000.

The multi-unit median was $665,000 in July, down 6.2% from $709,000. Year to date it's $627,000, down 4.5% from $656,750.

Multi-unit sellers also got less of what they asked. They received 92.9% of their original list price in July, down from 93.4% a year ago. Single-family sellers received 96.9%, up from 96.6%.

Single-family inventory ended July at 14,194 active listings, up 8.7% from 13,056. That works out to 4.1 months of supply, up from 3.6. Months of supply is how long it would take to sell everything listed at the current sales pace.

Multi-unit inventory ended July at 300, up 15.4% from 260. That's 6.4 months of supply, against 6.3 a year ago. Six months is the rough line between a seller's market and a buyer's market.

Single-family homes took 59 days to sell in July, against 56 a year ago. Year to date the figure is 64 days, against 60.

Multi-unit took 79 days in July, against 78. The year-to-date gap is much wider. Multi-unit properties took 77 days to sell so far this year, against 60 a year ago, about two and a half extra weeks. That's the largest change of any figure in this month's report. These averages only count properties that actually closed, so listings still sitting on the market aren't in the number.

Seven months into 2026, single-family closings are up 2.9% and the median price is up 1.6%. Multi-unit closings are down 6.8% and the median price is down 4.5%. Both groups carry more inventory than a year ago, and multi-unit is sitting at 6.4 months of supply with properties taking 77 days to sell. If you're buying a duplex through fourplex, you have more choices and more room to negotiate than you have in many years. If you're selling one, you must price aggressively to get it to move. Otherwise you may find yourself chasing the market down.

Book a free strategy call with me here to discuss your buying, selling, exchanging or refinance plans.

_{Data sourced from UtahRealEstate.com / Wasatch Front Regional MLS (RapidStats) Monthly Metrics, July 2026. Single-family covers single-family homes, townhomes, condos and twin homes. Multi-unit covers duplexes, triplexes and fourplexes.}

Three recorded multi-unit sales statewide, July 29 to August 4, 2026. A Salt Lake City triplex led at $1,025,000, followed by a Provo duplex at $580,390 and a West Valley City duplex at $420,000. All three closed below their asking price. The West Valley City duplex took the largest cut, selling $40,000 under list after 27 days.

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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

67 Utah Taxing Entities Want $93.5 Million More in Property Tax — Granite School District, Salt Lake City and Cache County School District account for nearly half the total, and Salt Lake City's $13.8 million request would add about $102 a year to the bill on a $703,000 home.

South Salt Lake Has 1,200 Apartment Units Moving Through One Submarket — Roughly 800 of those units are in the active pipeline, led by Blaser Ventures' 478-unit Market Center at 2280 S. State, which is priced entirely at 60% of area median income.

Utah's Construction Fraud Task Force Filed Its First Criminal Case — One year after the Department of Commerce launched the task force, the Attorney General's Office charged a contractor accused of taking money from homeowners without finishing the work, and the Division of Consumer Protection now publishes a seven-point checklist for vetting a contractor before you pay.

National Headlines

Three Fed Officials Voted to Raise Rates While the Committee Held — The benchmark rate stayed at 3.50% to 3.75% on a 9-3 vote, with annual inflation running at 4.2% in May, the highest in more than three years.

September Rate Hike Odds Fell to Roughly 50/50 After the Fed Held — Redfin's head of economic research writes that markets had priced a September hike at nearly 100% and have since cut that to about even, after going into the July meeting with a one-in-three chance of a 25 basis point move.

Second-Quarter GDP Growth Slowed to 1.5% — Growth fell from 2.1% in the first quarter on weaker government spending, while consumer spending accelerated to 2.1% from 0.4% and on-time rent payments improved from a year ago.

Freddie Mac's 30-Year Average Hit a 2026 High of 6.66% — Total mortgage applications fell 6.4% for the week ending July 24 and the purchase index dropped 4%, while for-sale inventory grew 0.5% on the week.

Mortgage Spreads Are the Only Thing Holding Rates Under 7% — The gap between the 10-year Treasury and the 30-year mortgage widened to 2.00% from 1.94%, and at the worst spread of 2023 that same Treasury yield would have implied a 7.98% mortgage.

MAA Is Giving Four to Five Weeks of Free Rent Across Its Portfolio — The large Sun Belt apartment owner reported 95.3% occupancy and average rent of $1,688, down 0.2% from a year ago, and lowered its full-year revenue and rent guidance.

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David Robinson - Principal Broker | Investor