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SALT LAKE CITY — Over half of Utah's households can't afford a home. This is due largely to skyrocketing real estate prices over the last year and quarter.
The number of people buying a home in the third quarter of 2021 fell by 20% from the same period last year, according to UtahRealEstate.com.
Matt Ulrich, the president of the Salt Lake Board of Realtors, stated the average cost of a single-family home rose $120,000 in 2021. This is a 28% increase in the median price from the third quarter of 2020.
Ulrich also referenced a recent study from the University of Utah, saying it "shows that more than half of Utah's households are now unable to afford the median single-family home."
He continued to explain that Utah's current housing shortage may take years to rebalance.
According to the Salt Lake Board of Realtors, the average cost of a home in Salt Lake County hit $550,000 in the third quarter of 2021, which is a new quarterly high. Surrounding counties are not far behind.
The median price of a single-family home in Utah County rose above the $500,000 mark for the first time ever. Davis County prices weren't far behind at $497,000, according to the board.
Home prices in Weber and Tooele counties also hit record highs in 2021.
Meanwhile, listings of homes for sale fell 7% in Salt Lake County this year compared to the third quarter in 2020.