Utah Multi-Unit Supply Hits 13.4 Months, Nearly Triple Single-Family

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Utah listed more property in August and closed less of it. Single-family new listings came in at 5,093, up 3.3% from a year ago. Multi-unit new listings hit 128, up from 82. Multi-unit here means duplex through 5-plus unit buildings, a segment that runs 32 to 51 sales a month statewide, so read its monthly percentages as direction rather than precision.

Single-family sellers brought 5,093 new listings in August, up 3.3% from 4,932. Year to date the count is 42,821, up 3.6% from 41,348. Multi-unit new listings reached 128 against 82 a year ago, the highest count of any month in the past year. Year to date multi-unit sits at 805, up 9.1% from 738. The August jump is 46 listings against 161 added on the single-family side.

Single-family closings recorded 2,980 for August against 3,632 a year ago. Multi-unit recorded 32 against 45. Both counts will rise, because sales report late and this report was pulled on September 2. July first read 3,503 single-family closings in last month's report and now reads 3,668, an addition of 165 sales. Every older month moved by 20 or fewer. Year to date single-family sits at 26,359 closings, up 0.8%, and multi-unit at 317, down 4.8% from 333.

The single-family median was $524,000 in August, up 0.8% from $520,000. Year to date it is $522,000, up 1.4% from $515,000. The multi-unit median was $642,500, down 12.6% from $735,000, and $665,000 year to date, down 2.9%. Price per square foot is the steadier read on a segment this small. Single-family runs $234 year to date against $235 last year. Multi-unit runs $233 against $240, down 3.2%, and $218 for the current quarter against $238, down 8.6%.

A single-family home took 63 days to sell in August, the same as last August. Year to date it takes 64 days against 60. Multi-unit took 112 days in August against 48 a year ago, though that figure rests on 32 sales. Year to date multi-unit runs 84 days against 60, up 40%.

Active single-family listings ended August at 14,323, up 10.4% from 12,977. Active multi-unit listings ended at 428, up 31.3% from 326. Months supply (how long it would take to sell everything listed at the current sales pace) reached 4.8 months for single-family against 3.6 a year ago, and 13.4 months for multi-unit against 7.2. Both are the highest readings of the past twelve months.

Single-family sellers received 96.3% of their original asking price in August, up from 96.1%. Multi-unit sellers received 93.8%, down from 96.3% a year ago. On a $700,000 fourplex that 2.5 point difference is about $17,500.

Single-family is holding both price and time while supply builds, with the median at $524,000 and homes still selling in 63 days. Multi-unit is where the adjustment is showing up, at 112 days on market in August, 93.8% of original ask, and 13.4 months of supply. If you own a multi-unit property and plan to sell this fall, price to those numbers rather than to last year's. Treat August's closing counts as incomplete until the next report.

_{Data sourced from RapidStats / UtahRealEstate.com / WFRMLS, Monthly Metrics and Sold Listings Summary reports, prepared September 2, 2026. Single-family includes single family homes, townhouses, condos, and twin homes. Multi-unit includes duplex, triplex, fourplex, and buildings over four units.}

Eight multi-unit properties sold across Utah between August 26 and August 31. All eight closed below asking. Prices ran from $378,000 for a Vernal duplex to $3,132,500 for a 16-unit building in West Valley City. Price per square foot ranged from $182 to $268. Days listed ran from 23 to 272, with six of the eight sitting on the market longer than 90 days.

Mortgage rates climbed all week and are now at their highest point in a year. The 30-year fixed sits at 6.89%, up 0.15 over the week and up 0.39 from a year ago. That is the top of its 52-week range, which runs from 5.99% to 6.89%. Rates have moved up from 6.74% on August 25 across five sessions. The 7/6 ARM is at 6.45%, or 0.44 below the 30-year fixed, and FHA is at 6.41%.

The 10-year Treasury closed at 4.79%, up 0.04 on the day. Mortgage rates track the 10-year plus a spread (the extra a lender charges above that benchmark), so the recent climb in yields is what pushed rates to this level. Oil prices and Middle East conflict drove the selling in bonds rather than any domestic data release. Until the 10-year settles, investor financing costs are likely to hold near where they are.

_{Source: Mortgage News Daily, rates as of September 1, 2026}

Utah Headlines

Utah Lawmakers Preview Bills That Would Shrink Minimum Lot Sizes to 5,000 Square Feet — Rep. Ray Ward will run a bill allowing homes on residential lots as small as 5,000 square feet ahead of the 2027 session, and further loosening of SB 284, which currently permits detached accessory dwelling units only on lots larger than 11,000 square feet.

Salt Lake County Buyers Need $187,000 a Year, and a Point of Rate Relief Would Cut That by $15,000 — A Salt Lake Board of Realtors report finds a drop from 6.41% to 5.41% would lower the income needed for a typical Salt Lake County home from nearly $187,000 to just under $172,000, while Freddie Mac's 30-year average ticked up to 6.6%.

Utah Cannot Say What Its Data Center Tax Break Costs, With Other States Reporting Losses up to $1.9 Billion — Fourteen of the 37 states with data center sales tax exemptions do not publish revenue losses on time, and the high end of what other states reported in 2025 approaches half of Utah's total annual sales and use tax collection against a $37 billion state budget.

National Headlines

Traders Now Put 57.5% Odds on a September Fed Hike, Not a Cut — CME FedWatch odds of a rate increase at the September meeting jumped to 57.5% from 35.4% in a single day after PCE inflation ran 3.3% year over year, with the fed funds rate currently at 3.50% to 3.75%.

New Duplex and Fourplex Construction Falls to 3% of All Multifamily Building — Builders started just 3,000 two-to-four unit properties in the second quarter and 16,000 over the trailing year, down from 21,000, leaving the segment at roughly a quarter of the 11% share it held from 2000 to 2010, according to the homebuilders' association NAHB.

Salt Lake City Lands Among the Supply-Burdened Western Markets as Class A and Class C Rents Split 460 Basis Points — Western Class C rents fell 2.4% in the year ending in the second quarter while Class A rose 2.5%, and RealPage's own data groups Salt Lake City with Denver and Phoenix on inventory growth while noting stronger underlying demand in Salt Lake and Phoenix.

Regulators Move to Free Up Roughly $20 Billion in Bank Capital for Commercial Lending — A proposal would cut capital requirements at the largest banks by 2.4%, and the OCC and FDIC are narrowing exams to material financial risk, which could widen bank appetite for small commercial deals.

Borrowers Shift Back Into ARMs as the Share Hits a Five-Week High — Adjustable rate mortgages climbed to 8% of applications in the week ending August 28 while the refinance index fell 19% year over year and purchase applications rose 2%, with the 30-year conforming contract rate at 6.79%.

Multifamily Posts the Largest Delinquency Jump of Any Property Type — Multifamily CMBS delinquencies rose 46 basis points to 7.69% in July, the biggest increase across property types, as the overall rate climbed 51 basis points to 7.86% according to Trepp.

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