Utah Multi-Unit Properties Now Take 60 Days to Sell. Last Year It Was 30.

The clearest signal in Utah's market right now is in income property. A multi-unit property in Utah now takes a median of 60 days to sell, measured year-to-date. A year ago it was 30. That’s double. The first-quarter numbers are even sharper, at 63 days this year against 28 last year. Single-family homes barely moved, from 37 days to 42.

This is a fresh break, not a slow slide. Multi-unit time-on-market sat near 30 days for three straight years, from 2023 through 2025. It doubled in a single year. These figures cover the whole multi-unit segment statewide, a few hundred sales, so read them as direction. The pattern holds across both the quarter and the year to date.

Here is the part that matters most when you price a deal. Multi-unit sellers are not cutting their asks. The median asking price on new multi-unit listings is up 3.2% over the year, to $799,900. But the deals that actually close are moving the other way. The median multi-unit sale fell 3.4% to $656,250.

Put those two together and the gap is the story. The typical multi-unit sale now closes at about 82% of the median new asking price. A year ago it was about 88%. Buyers are winning bigger discounts, and they are taking their time to get them. Asking and sold track different properties, so treat that gap as direction, not a precise list-to-sale ratio.

Volume says the same thing. Multi-unit sales are thin and getting thinner, with 208 closings year-to-date. That is down from 227 a year ago and less than half the 438 we saw at the 2021 peak. Fewer buyers are stepping up, and the ones who do hold the leverage.

Single-family is the mirror image. House prices are still rising, up 2.3% year-to-date to a $516,413 median. Asking prices are flat. And homes are closing at about 96% of asking, a touch tighter than last year. Houses are holding. Income property is correcting.

A separate read of active listings this week points the same direction. Single-family homes have the highest share of inventory already under contract, at 29%, and that share steps down with every added unit, to about 15% for buildings with five or more units.

If you are buying multi-unit property, you have real leverage. Listings are sitting, sellers are not getting their asking prices, and the discounts are widening. Underwrite at today's rents, offer below ask, and be ready to wait out a seller who is still anchored to last year.

If you are selling, price to the last comparable sale, not the last list price. Asking high is exactly what is adding 60 days to the calendar. The buyers are there, but only at the right number.

If your focus is single-family, expect to keep competing. Houses remain the firmest part of this market.

Utah has one market for houses and a softer one for income property. Single-family is holding price and selling in 42 days. Multi-unit is taking twice as long, closing well under ask, and thinning out. The leverage is with multi-unit buyers right now. We will watch whether sellers adjust their pricing or the slowdown deepens through the summer.

_{Data sourced from Wasatch Front Regional MLS Residential and Multi-Unit comparison reports (Utah statewide, year-to-date through mid-June 2026) and UtahRealEstate.com / RapidStats dwelling-type report (June 16, 2026).}

Mortgage rates fell this week. The 30-year fixed is at 6.54%, down 0.14 from a week ago and down 0.11 over the past month. That is the lowest in a month and near the bottom of its 52-week range of 5.99% to 6.91%. Rates are also 0.37 lower than a year ago. The 15-year fixed is at 6.11%, and the 7/6 ARM at 6.22% offers too small a gap below the 30-year to make adjustable debt worth the risk.

The 10-year Treasury sits at 4.44%, down about 0.09 over the week. Mortgage rates track the 10-year, so that slide is what pulled pricing lower. The Federal Reserve also meets today and is expected to hold its rate at 3.5% to 3.75%, the first meeting led by new chair Kevin Warsh. Watch the 10-year for where rates head next.

Utah Headlines

Box Elder County Approves 180-Day Data Center Moratorium, but Exempts the 20,000-Acre Stratos Project — Commissioners voted unanimously to pause new data center and power plant applications while they rewrite land-use rules, though the contested Stratos project moves ahead because it is a state MIDA development.

Draper Approves 418-Unit Transit-Oriented Development Anchored by an 8.8-Acre Surf Park — The Veranda West master plan, cleared by the City Council on June 9, pairs nearly 300 apartments and more than 100 townhomes with a retail village and an Olympic-caliber surf park that developers say will add about $23 million a year to the local economy with no tax incentives.

National Headlines

The Fed Is Expected to Hold Rates Again Today in Kevin Warsh's First Meeting as Chair — Markets put the odds of no change at about 98%, leaving the federal funds rate at 3.5% to 3.75%, with fresh economic projections and Warsh's first press conference set for 2 p.m. Eastern.

Apartment Construction Falls Off a Cliff: Multifamily Starts Drop 40% in a Month — Multifamily starts fell 40.2% from April to May and total housing starts dropped 15.4% to a 1.18 million annual pace, a sign that today's oversupply sets up tighter conditions two to three years out.

Confidence Among Homebuilders Stays Near 13-Year Lows as One in Three Cut Prices — The NAHB index held at 35 in June, its 14th straight month below 40, with 35% of builders cutting prices by an average of 6%.

Government Rules Now Add $131,734 to the Price of a New Home — A new NAHB study pegs regulation at 26.4% of a new home's price, up more than 40% since 2021, a direct drag on the housing supply Utah keeps saying it needs.

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David Robinson - Principal Broker | Investor