The number of multifamily listings in Utah has surged in the past year while buyer demand has barely moved. Single-family looks completely different. Houses are still selling at a steady pace. Small multifamily is sitting.

This is the supply side of last week's pricing story. It explains why days on market doubled and prices per square foot are down 10%.

As of today, there are 364 multifamily properties listed for sale in Utah, including duplexes, triplexes, fourplexes, and buildings with 5 or more units. A year ago there were 255. That's a 42.75% jump in one year.

Pendings tell a different story. Only 58 of those listings are under contract today. Last year that number was 55. Buyer activity is up just 5.45% while seller activity is up nearly 43%. Roughly 16% of the active multifamily market is under contract right now. A year ago it was 22%. That gap between supply and demand is what's pushing days on market longer and prices per square foot lower.

Single-family looks like a different planet. There are 12,453 single-family homes, condos, and townhomes listed across Utah today, up 7.52% from 11,582 a year ago. Pendings are basically flat at 4,703 vs. 4,659 last year (up just 0.94%). The under-contract-to-active ratio is 38% today vs. 40% a year ago. Slightly cooler, but not the dislocation we're seeing on the multifamily side.

Multifamily buyers and single-family buyers don't shop the same market.

A house sale runs on a residential 30-year fixed mortgage at 6.38%. Owner-occupants buy based on what they can afford each month, not on the return a property pays them. That demand is steady.

Multifamily of 5 or more units runs on commercial debt. Those loans cost more, lenders want more cushion in the cash flow, and the deal has to work at today's rents and today's expenses. With rents flat or softening across the Wasatch Front and operating costs still elevated, fewer deals work. Buyers are still showing up, but they're being more careful about what they'll pay.

One caveat: this is a single-day snapshot. We'll watch whether the gap holds through Q2. For now the direction is consistent with the sold data we covered last week.

If you own multifamily and you're thinking of listing, price it like a buyer's market because that's what it is. A property listed at 2024 expectations will sit. A property priced honestly to today's data has a shot at the active 16% of the market. Pricing right from day one beats two cuts and a stigma later.

If you own single-family rentals, demand is still pulling at a steady clip. Inventory is growing modestly but pendings are holding. There's still room to price aggressively if your property shows well.

If you're a buyer with capital, this is leverage. A multifamily property sitting 60 to 90 days tells you the seller is running out of patience. Lead with realistic offers, financing terms that close, and shorter timelines.

Utah's multifamily inventory is up nearly 43% from a year ago. Buyer activity is up 5%. That's the supply side of the story we've been tracking. Single-family is steady. If you're thinking about selling multifamily, get ahead of the market. Pricing aggressively today beats chasing a softer market six months from now. If you're a buyer with patience and capital, you have leverage. We'll watch whether Q2 pendings start to absorb the new supply, or whether the gap widens further.

_{Data sourced from UtahRealEstate.com / WFRMLS active listings snapshots, prepared April 29, 2026. Multi-Unit category includes duplex, triplex, fourplex, and 5+ unit properties. Single-Family category includes single-family homes, condos, and townhomes.}

The 30-year fixed mortgage rate is 6.38% this week, up 0.05% from last week. That's a small move, but it ends the three-week slide we covered last issue. Rates are still down 0.26% from a month ago and 0.44% from a year ago. The 15-year fixed is at 5.94%. The 7/6 SOFR ARM sits at 6.00%, still about 0.38% cheaper than the 30-year fixed. A 7/6 ARM gives you a fixed rate for the first seven years and adjusts every six months after that.

The 10-year Treasury yield closed Tuesday at 4.353% and pushed up to 4.404% Wednesday morning. That's roughly 0.18% above where it sat in mid-April. Mortgage rates tend to track the 10-year, so this move is the early signal that the rate slide may be over. Underwrite to today's rate, not yesterday's.

Source: Mortgage News Daily/Market Watch

Utah Headlines

Utah Homebuyers Stuck With $3.8 Billion in Hidden PID Taxes — Public infrastructure districts in Utah have issued $3.8 billion in bond debt since 2019, more than triple the state's $1.1 billion total debt, and the cost is passed to homebuyers as long-term assessments that often surface only at closing.

Critics Push Back on Unelected Developer-Run Taxing Districts — Utah's State Auditor and Treasurer have raised concerns about hundreds of public infrastructure districts that let developer-appointed boards issue municipal bonds, with up to four new districts forming per week at one point last year.

Salt Lake Realtors Offering $240,000 in Down Payment Grants — The Salt Lake Board of Realtors is awarding $10,000 grants this year to first-time homebuyers earning up to $141,400, with eight already awarded and the next four announced May 20.

Construction Veterans on Utah's Affordability Squeeze — A Utah Business roundtable of construction CEOs reported 15 to 20 general contractors competing on typical public bids and called for shrinking lot sizes from half-acre to denser layouts to bring starter home costs down.

National Headlines

Fannie, Freddie, FHA Now Accept VantageScore 4.0 — VantageScore 4.0 is now accepted by all three major government-backed loan programs after a joint announcement from FHFA Director Bill Pulte and HUD Secretary Scott Turner, opening mortgage credit to borrowers whose rent and utility payment histories now count toward their credit scores.

Multifamily Fundamentals Stabilize, Utah Holds Up Better Than Most — National multifamily vacancy held at 6.8% in Q1 2026 with effective rents up 0.6% quarter-over-quarter to $1,825 per unit, and Utah outperformed immigration-reliant states like Washington as US population growth slowed to 1.8 million in 2025.

Homeownership Rate Slips to 65.3% — The Q1 2026 homeownership rate fell to 65.3%, 3.9 percentage points below the 2004 peak and below the 25-year average of 66.3%, while rental vacancy ticked up to 7.3% as renter households grew by 350,000 over the past year.

Iran War Pushes Up Builder Material Costs — 62% of US homebuilders said suppliers raised material costs in April due to higher fuel prices from the Iran war, with Sherwin-Williams hiking paint 9% and Mohawk Industries adding 8% to residential carpet.

Mortgage Rates Likely to Hold Steady Through Fed Week — Redfin economists expect mortgage rates to stay flat through Wednesday's Fed meeting, with Powell's term as Fed Chair ending May 15 and Q1 GDP data due Thursday alongside ongoing Iran war risks.

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David Robinson - Principal Broker | Investor