Utah ended Q2 2026 with 12,757 active single-family listings, according to UtahRealEstate.com. That is the second-highest quarterly count in at least ten years. It is only 220 listings shy of the all-time peak of 12,977 set last summer in Q3 2025, and it is more than seven times the pandemic low of 1,755 hit in Q1 2021.

Meanwhile, the median price per square foot on those active listings sits at $251.10. That number has barely moved in over four years. The peak was $255.70 in Q1 2022. Since then, $/sqft has traded in a tight band between $234 and $254 every single quarter. We are at $251.10 today. Utah single-family pricing on a per-foot basis is essentially where it was at the start of 2022.

So the picture is simple. Supply is heavy and getting heavier. Pricing is stuck.

Active listings have climbed in three of the last four quarters. Q4 2025 came in at 10,206. Q1 2026 was 10,946. Q2 2026 jumped to 12,757. That is a 25% increase in active inventory over six months.

The pre-pandemic norm in Utah was roughly 8,000 to 10,000 active listings in a typical Q2. We are 34% above the Q2 2019 reading of 9,523. That means roughly 3,200 more homes on the market today than a normal pre-pandemic spring. Buyers have options they did not have two or three years ago.

Per-square-foot pricing is the cleanest way to measure pricing power because it ignores home size. Total median price can move around just because the mix of homes for sale changes. $/sqft does not lie that way.

The number to watch: $251.10 in Q2 2026 is up only $1.80 from $249.30 in Q2 2025. That is a 0.7% year-over-year gain. After adjusting for inflation, sellers have lost ground every quarter for four years. Pricing is not crashing. It is just not moving.

If you own single family rentals and are thinking about selling, do not wait. Pricing has not moved in four years and supply keeps growing. Price to today's comps, not to where you wish the market was. The right list price gets a buyer in 30 days. The wrong list price gets you 90 days on market and a price cut.

If you are buying, your leverage is the highest it has been in this cycle. There are 12,757 single-family listings competing for your dollars. Use that. Inspection credits, repair concessions, and price negotiation are all on the table.

Utah single-family is at peak supply and flat pricing. Sellers need to price to the market, not to the peak. Buyers have time and leverage they did not have a year ago. Next week we will look at how this is showing up in days on market and price cuts.

_{Data sourced from UtahRealEstate.com / WFRMLS Q2 2026 active listings data.}

The 30-year fixed mortgage rate is at 6.61% this week, according to Mortgage News Daily. That is down 14 basis points (0.14 percentage points) from a week ago and down 41 basis points from a year ago. Adjustable-rate mortgages on the 7/6 SOFR product are at 6.27%, a 34-basis-point discount to the 30-year fixed. That spread is wide enough to matter if you are buying small multifamily and plan to refinance inside seven years.

The 10-year Treasury yield closed at 4.488% on May 27. Yields spiked above 4.65% in mid-May and have been pulling back since. Mortgage rates track the 10-year closely, so the recent pullback is what brought the 30-year fixed down this week. If Treasury yields keep falling, expect mortgage rates to follow.

Source: Mortgage News Daily/Market Watch

Utah Headlines

Alturas Buys 14-Acre Ogden Infill Site for Retail Mixed-Use Project — Boise-based Alturas Capital Partners closed on the 14-acre northeast corner of 12th Street and Wall Avenue in Ogden, with plans to develop a neighborhood retail and mixed-use center, marking another out-of-state investor placing a long-term bet on northern Utah.

Utah Job Growth Slows to 0.6% as Employers Turn Cautious — Utah added 11,100 jobs in the 12 months through April 2026 (a 0.6% gain), with unemployment steady at 3.8% and state chief economist Ben Crabb flagging that employer hesitation to add headcount signals "a cautious approach to the future."

National Headlines

Missing-Middle Construction Falls to Just 4% of Multifamily Starts — 2-to-4 unit construction posted only 4,000 starts nationally in Q1 2026 (a steep drop from Q1 2025), and at just 4% of total multifamily production it sits well below the 11% historical share from 2000-2010, a sign that zoning restrictions continue to choke off small multifamily supply.

Refinance Demand Drops 18% as 30-Year Fixed Hits Highest Level Since August — Total mortgage application volume fell 8.5% last week with refinances down 18%, after the MBA 30-year fixed contract rate climbed to 6.65%, up 30 basis points over five weeks to its highest level since August 2025.

Redfin: Fed Eyeing Hike, Not Cut, as Iran War Keeps Rates Elevated — Markets are now pricing in more risk that the next Fed move is a rate hike rather than a cut, after April FOMC minutes showed a majority of officials saying "some policy firming could become appropriate" if inflation stays above the 2% target. Core PCE inflation is forecast at 3.3% year-over-year for April, well above that target.

Midwest Cities Reverse Decades of Decline as Affordability Pulls In Sunbelt Refugees — The Midwest gained roughly 16,000 net residents from other U.S. regions in the year ending June 2025, a sharp reversal from the 175,000-person outflow of 2022, with Cleveland, Akron, Dayton, and Racine emerging as quiet beneficiaries of remote work and Sunbelt affordability fatigue.

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David Robinson - Principal Broker | Investor