Utah's Mid-Year Report Card: Multi-Unit Days on Market Up 35%

Half of 2026 is done, so here is where Utah's housing market currently stands. We will break it down into three groups:

Through June, 19,208 single-family homes sold, up 1.8% from the first half of last year. That count includes houses, townhomes, condos, and twin homes. The median price rose to $520,000, up 2.0% year-over-year. Sellers still got 97.0% of their asking price, about the same as last year. Homes took a little longer to sell, a median of 66 days versus 61. Slower, but healthy.

Even here, supply is creeping up. There were 13,537 single-family homes for sale in June, up 5.1% from a year ago, and months of supply rose to 3.9 from 3.6. That is still a seller-leaning market, but it is loosening.

Focusing on the 2-4 unit group, where the numbers are cleaner than the full multi-unit set.

Sales fell. 199 of these properties sold through June, down 11.6% from 225 a year ago.

Prices dropped. The median came in at $613,200 year-to-date, down 5.7% from $650,000.

Time on market jumped. The typical 2-4 unit property took 77 days to sell, up from 57 a year ago. That’s a 35% increase.

Supply piled up. In June there were 291 of these for sale, up 24% from a year earlier. At the current sales pace, that works out to 9.4 months of supply, up from 6.2. Anything above about six months favors buyers, so this segment of the market has tipped in the buyers favor.

When you fold in 5-plus unit buildings, the average price gets noisy, because a single large deal can swing it. June's average for all multi-unit hit about $1.03 million, up sharply, but that is a handful of bigger sales, not the trend. It’s better to look at the median, which points down.

We’ve been saying this for the last few months but if you are buying 2-4 unit property, you have leverage you did not have a year ago. More listings, fewer buyers, and 9.4 months of supply mean you can take your time and offer below ask. Underwrite to today's rents and today's prices, not to 2024. Some sellers won’t budge but motivated sellers will.

If you are selling, price right from the start - otherwise you may find yourself chasing the market down. These properties sit for 77 days because too many are still listed at yesterday's numbers. Meet the market and you will move.

If you own single-family, you are steadier. Prices are still climbing and demand is holding.

At the halfway mark, single-family is steady and multi-unit property is sliding. Prices there are down about 6%, listings take three extra weeks to sell, and supply is the highest in years. The second-half question is whether single-family holds or starts to follow the rental market down.

_{Data sourced from UtahRealEstate.com / Wasatch Front Regional MLS (RapidStats) Monthly Metrics, year-to-date through June 2026. Single-family includes single-family homes, townhomes, condos, and twin homes. Multi-unit figures cover duplexes, triplexes, and fourplexes unless noted.}

Mortgage rates held near a six-week low this week. The average 30-year fixed is 6.54%, down 0.11% from last week and about flat over the past month. A year ago it was 6.67%, so rates sit a bit lower than last summer. Adjustable loans are cheaper, with the 7/6 ARM at 6.21%, about a third of a point below the 30-year fixed. An ARM, or adjustable-rate mortgage, holds a fixed rate for a set number of years and then can move up or down after that.

The 10-year Treasury yield, which mortgage rates tend to follow, sits near 4.40%. It has eased over the past month, and that is the main reason rates have drifted to these six-week lows. The yield ticked up a touch this week on routine quarter-end trading, so do not read much into one day. If yields keep easing, rates have a little more room to fall. If they climb back, this stretch of low rates could stall.

Utah Headlines

The Point Breaks Ground in Draper, Adding Hundreds of Apartments to the Wasatch Front — Crews broke ground this week on the long-planned redevelopment of the old state prison site, starting with a 5,200-seat entertainment venue and a 363-unit apartment building called Chroma.

Officials say Provo Airport expansion progressing on schedule, as passenger count surges — airport leadership expects continued expansion in both routes and airline partnerships as gate capacity increases

Data center developers move forward despite voter backlash aimed at Sen. Adams, others — O'Leary Digital will keep pursuing its Box Elder County data center project, notwithstanding the apparent backlash faced by three politicians who backed the plans.

Utah Climbs 12 spots in Realtor.com’s Report Card for Homebuilding and Affordability — The Western state's success hinges on its feverish building pace and exceptionally well-priced new homes. At the same time, affordability remains a challenge

National Headlines

Home Prices Are Barely Rising, and After Inflation They're Still Falling — National home prices rose just 0.8% from a year ago in April, the 11th straight month values fell in real terms, with a nine-point gap between the strongest market (Chicago, up 6.5%) and the weakest (Seattle, down 2.3%).

Apartment Values Keep Sliding, Down 1.5% Over the Past Year — Apartment prices fell 0.4% in May and are now down 1.5% from a year ago, a deeper drop than April's 1.3% decline, as higher-for-longer rates keep pressure on multifamily values.

Rents Are Firming Again, Up for a Seventh Straight Month — The national average asking rent edged up 0.1% in June to $1,742 and is now 0.8% higher than a year ago, the seventh month in a row of gains after a soft second half of 2025.

Small Rentals Are Collecting Rent Better Than Big Apartment Buildings — Duplex-to-fourplex landlords logged an 84.6% on-time payment rate in June, ahead of single-family rentals at 84.0% and large apartment buildings at 82.3%, a sign tenant cash flow holds up better in smaller properties.

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David Robinson - Principal Broker | Investor