Year to date, Utah's housing market is split in two. Houses are holding their value. Small multifamily is not. Prices are down, sellers are sitting on the market longer, and price cuts are getting bigger.

This is the clearest split we've seen in the MLS data in more than a year.

On the multifamily side (duplexes, triplexes, fourplexes, and buildings with 5 or more units), average price per square foot is down 10.25% from a year ago, from $273 to $245. Median is down 6.60%, from $247 to $231. Sales volume is off 5.26% on an already thin sample (126 statewide closings YTD vs. 133 last year).

The days on market numbers are where it gets loud. Median days on market more than doubled, from 29 last year to 63 this year. That's a 117% jump. In April alone, the median is 65 days, up more than 80% from a year ago. Sellers are also giving up more ground. The average sale price is 92.31% of the original list price this April, down from 95.10% last April.

Single-family is a different market. Average price per square foot is down just 2.48% year over year. The median is essentially flat. Sales volume is actually up 3.06% (10,562 closings vs. 10,248 a year ago). Days on market grew modestly, nothing like the multifamily move.

The 2023-2024 wave of new apartment deliveries still competes with small multifamily rents and cap rates. It doesn't compete with houses. That alone explains a lot of the gap.

Financing explains the rest. A homebuyer can lock a residential 30-year fixed at 6.33% today. Small multifamily of 2 to 4 units can qualify for those same loans, but most investors use commercial debt or a DSCR loan for the flexibility. Anything with 5 or more units has to use commercial debt. Those rates run higher, lenders want more coverage, and investors feel every rate move more than homeowners do because it hits cash flow directly.

One caveat worth naming: 126 statewide multifamily closings YTD is a small sample. One cleaner quarter could shift the picture. But the direction has been consistent for months.

If you own small multifamily and you're thinking about selling, the data gives you a clearer picture of what you're working with. If you have a reason to sell, whether it's cash needs, a 1031 exchange, estate planning, or repositioning, deals are still getting done. 126 closings means the market is trading. The key is pricing it right from day one. Overpricing a reset market usually leads to a bigger cut later, not a better number. If you don't have a reason to sell, refinancing is worth a look.

If you own single-family rentals, you're in a different market. Prices are holding. Demand is real. If you've been thinking about trading houses for a small multifamily property, the math finally works. You'd be selling strength and buying weakness.

If you're looking to buy multifamily, this is your window. A property sitting 90+ days tells you the seller has motivation. Lead with lower offers, shorter inspection periods, and proof of funds.

Utah's single-family market is flat. Its multifamily market is resetting. Prices per square foot are down 10% from a year ago. Days on market have more than doubled. If you're a seller without a reason to move, wait or refinance. If you're a buyer with capital and patience, this is the best pricing Utah small multifamily has offered in years. We'll be watching the Q2 numbers to see if the weakness deepens or finds a floor.

_{Data sourced from UtahRealEstate.com / WFRMLS Sold Listings Summary reports, prepared April 22, 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 at 6.33% this week. That's basically flat from last week (up just 0.02%). It's down 0.20% from a month ago and down 0.65% from a year ago. The 15-year fixed is at 5.92%. The 7/6 SOFR ARM is at 5.95%. A 7/6 ARM gives you a fixed rate for the first seven years, then adjusts every six months after that. That's nearly four-tenths of a point below the 30-year fixed. If you have a clear hold period in mind, the ARM math keeps looking better.

The 10-year Treasury yield closed Tuesday at 4.275%, down slightly from 4.299% the day before. Treasury yields have drifted lower over the past month, from roughly 4.40% at the end of March. Mortgage rates tend to track the 10-year. So this is the direction you want if you're waiting for a better rate. But the move has been gradual, not dramatic. A surprise economic report or a Fed signal can reverse it in a week. Underwrite to today's rate, not tomorrow's.

Source: Mortgage News Daily/Market Watch

Utah Headlines

Utah Homeowners Remodel, Stay Put — Utah homeowners are staying in their homes twice as long as they were two decades ago as high prices and rates keep them from moving, according to the Kem C. Gardner Policy Institute, and a new Redfin study shows 43% of Americans renovated last year rather than buy new.

Provo Reinvents Historic Downtown — Downtown Provo's Center Street now hosts 79 locally owned restaurants and no national chains, part of a broader trend of Utah cities reinventing historic downtowns as experience-driven destinations to compete with big-box retail and e-commerce.

National Headlines

Purchase Apps Jump 10% — Purchase mortgage applications jumped 10% last week and are up 14% year over year as the 30-year conforming fixed fell for the third straight week to 6.35%, according to MBA data.

Fed Succession Drama Builds — Betting markets are giving just 36% odds that Kevin Warsh will be confirmed as Fed chair before Jerome Powell's term ends May 15, though Redfin economists say mortgage rates are unlikely to swing much whoever is in the chair.

Housing Deficit Hits 1.2 Million — The U.S. is short roughly 1.2 million housing units and the construction trade worker shortage adds about $11 billion a year to housing costs, according to NAHB, which also found young adult interest in the trades has doubled to 6% since 2016.

Class B Leads Apartments — Class B apartments are outperforming both Class A and Class C this cycle, with Yardi Matrix analyst Jeff Adler pointing to strong renewals and the fact that 60% of first-time homebuyers now rely on parental help for down payments.

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David Robinson - Principal Broker | Investor