Posted 12/20/2023, 9:05:00 PM
Utah Home Prices, Rates Expected Mostly Steady; Gov. Unveils Affordable Housing Push
- Interest rates expected to decrease modestly in 2024 but not reach pre-pandemic lows, likely staying in the 6% range
- Home prices forecasted to remain stable with little change up or down in Utah
- Lower interest rates could spur more homebuilding across U.S., unclear if that will happen in Utah
- Utah median household income of $79,133 means many still priced out of market even with rate drop
- Gov. Cox working on plan to build 35,000 affordable starter homes in Utah by 2028 to help housing shortage