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Housing Market Stuck at High Prices | Salt Lake City News
Housing prices are stubbornly high despite slowing sales, now requiring nearly $110K annual income to afford a typical home—way above average. The culprit? A post-pandemic surge fueled by ultra-low mortgage rates and tight supply, now compounded by soaring rates (6.69% for 30-year fixed) and stubborn homeowner reluctance to sell due to higher refinancing costs. Rising taxes, insurance, and construction costs, plus a chronic shortage since 2008, keep prices anchored. New federal housing reform aims to boost supply through streamlined permits and zoning changes—but don’t expect quick fixes…
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