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This Utah housing market just saw nation's largest share of price cuts

This Utah housing market just saw nation's largest share of price cuts

Katie McKellar, Deseret News  |  Posted June 24 - 6:15 a.m.

As the U.S. housing market is showing big signs of cooling — from mortgage lender layoffs to several consecutive months of dropping sales — it's hitting home in Utah in a big way.
JPMorgan lays off hundreds, citing 'cyclical changes' in housing mortgage market

JPMorgan lays off hundreds, citing 'cyclical changes' in housing mortgage market

Katie McKellar, Deseret News  |  Posted June 23 - 10:13 p.m.

The biggest U.S. bank, JPMorgan Chase & Co., has started laying off employees as the U.S. housing market continues to cool amid rising mortgage rates.
US home prices will fall in 2023 as mortgage rates top 6%, Capital Economics predicts

US home prices will fall in 2023 as mortgage rates top 6%, Capital Economics predicts

Katie McKellar, Deseret News  |  Posted June 21 - 9:16 p.m.

Now that mortgage rates have surged to the 6% threshold, a global research company is saying U.S. housing price growth is likely to fall — not this year, but next.
Housing market: Utah, Idaho see more inventory as rates strangle buyers

Housing market: Utah, Idaho see more inventory as rates strangle buyers

Katie McKellar, Deseret News  |  Posted June 21 - 7:41 a.m.

As would-be homebuyers are getting turned off or priced out by climbing mortgage rates, the housing market is cooling, leading to a boost in home inventory.
Most expensive homes in Utah: Inside Utah's luxury housing market

Most expensive homes in Utah: Inside Utah's luxury housing market

Katie McKellar, Deseret News  |  Posted June 20 - 7:16 a.m.

A home in the ski destination community of Park City recently broke the record for the most expensive house sale in Utah, but another could shatter that record by nearly $10 million.
Why this downtown Salt Lake office skyscraper is being converted into housing

Why this downtown Salt Lake office skyscraper is being converted into housing

Carter Williams, KSL.com  |  Posted June 18 - 5:51 p.m.

It was once Salt Lake City's tallest building, but now global development company Hines intends to convert the downtown skyscraper into new housing.
Utah home valuations jump, but watchdog group says expect modest increase in property taxes

Utah home valuations jump, but watchdog group says expect modest increase in property taxes

Ladd Egan, KSL-TV  |  Posted June 15 - 11:04 a.m.

Assessors across Utah are finishing up home valuations for upcoming property tax notices, and two counties are already reporting big increases in values.
Redfin laying off 8% of employees, citing falling housing demand

Redfin laying off 8% of employees, citing falling housing demand

Katie McKellar, Deseret News  |  Posted June 14 - 5:48 p.m.

The real estate giant Redfin announced Tuesday it's laying off 8% of its employees as the high mortgage rates begin to strangle the market and temper demand.
Utah housing expert predicts pullback in activity because of mortgage rates

Utah housing expert predicts pullback in activity because of mortgage rates

Ladd Egan, KSL-TV  |  Posted June 14 - 12:33 p.m.

An expert in Utah's housing market expects that rising mortgage rates will cause a pullback in real estate activity and a slowdown in home price increases.
This 'overvalued' western city could see home prices fall up to 20% if recession hits

This 'overvalued' western city could see home prices fall up to 20% if recession hits

Katie McKellar, Deseret News  |  Posted June 14 - 6:20 a.m.

As inflation continues to grip the U.S.'s economic outlook, a national economist is predicting some "overvalued" regional housing markets could see home prices drop 15% to 20% if a recession hits.
Increasing home, construction costs could impact insurance coverage

Increasing home, construction costs could impact insurance coverage

Mike Anderson, KSL-TV  |  Posted June 12 - 8:25 p.m.

Skyrocketing home values and construction costs are leaving gaps in some homeowners' coverage.
Is Utah the most small-business-friendly state? Voting records indicate it could be

Is Utah the most small-business-friendly state? Voting records indicate it could be

Logan Stefanich, KSL.com  |  Posted June 12 - 1:53 p.m.

Recently released records of state lawmakers' votes indicate that Utah could be the most small-business-friendly state in the nation.
The US housing market is heading toward the 'most significant contraction' since 2006

The US housing market is heading toward the 'most significant contraction' since 2006

Katie McKellar, Deseret News  |  Posted June 12 - 1:00 p.m.

The U.S. housing market is in the early stages of what one national economist says is the biggest slowdown in over 15 years.
Housing market crisis is making boomers richer and millennials poorer

Housing market crisis is making boomers richer and millennials poorer

Katie McKellar, Deseret News  |  Posted June 11 - 8:48 p.m.

As the price of housing shoots higher and higher into the clouds with no clear end in sight, millennials — and yes, Gen Z — are finding it nearly impossible to afford a home.
Mortgage rates jump up again to 5.23%, pricing out home buyers

Mortgage rates jump up again to 5.23%, pricing out home buyers

Katie McKellar, Deseret News  |  Posted June 10 - 7:11 p.m.

U.S. mortgage rates jumped up again Thursday ahead of the Federal Reserve's meeting next week when it's expected to announce another big hike to its main borrowing rate.
Mortgage rates are on the rise again

Mortgage rates are on the rise again

Anna Bahney, CNN Business  |  Posted June 9 - 1:57 p.m.

After taking a breather for several weeks, mortgage rates climbed again.
More sellers are slashing housing prices in these Western cities

More sellers are slashing housing prices in these Western cities

Katie McKellar, Deseret News  |  Posted June 3 - 9:04 p.m.

Housing prices across the U.S. remain higher than ever, but an increasing number of sellers in certain markets are "finally feeling forced to slash their prices," a new report says.
The 'shocking' impact of mortgage rates and where Utah's housing market goes from here

The 'shocking' impact of mortgage rates and where Utah's housing market goes from here

Katie McKellar, Deseret News  |  Posted June 2 - 7:45 a.m.

The latest research from one of Utah's leading housing experts reveals just how much of an impact the over 5% mortgage rates have had on the cost to buy a home.
US home prices have been accelerating for 4 straight months. Will it ever end?

US home prices have been accelerating for 4 straight months. Will it ever end?

Katie McKellar, Deseret News  |  Posted June 1 - 6:25 a.m.

Home price increases in 20 major cities across the U.S. have continued to accelerate for four straight months — even as homebuyers feel the bite from high mortgage interest rates.
Is a recession coming? New poll reveals majority of Utahns are worried

Is a recession coming? New poll reveals majority of Utahns are worried

Art Raymond, Deseret News  |  Posted May 24 - 9:07 a.m.

As U.S. inflation drives the costs of goods and services into record territory, Utah is among a group of Western states that has been experiencing the worst of those increases.
Why Utah housing market is 'very low risk' for price drops — while these Idaho cities are 'high risk'

Why Utah housing market is 'very low risk' for price drops — while these Idaho cities are 'high risk'

Katie McKellar, Deseret News  |  Posted May 23 - 9:02 p.m.

Economists and housing researchers are seeing early signs of a cooling housing market — but a question remains.
Mortgage costs are up $1,000, yet Salt Lake homes still selling in just 5 days

Mortgage costs are up $1,000, yet Salt Lake homes still selling in just 5 days

Katie McKellar, Deseret News  |  Posted May 21 - 7:43 p.m.

Home price increases continue to be mind-boggling while high mortgage rates are only starting to cool the market, according to data on Utah and the nation's housing market.
Sewer capacity pausing approval of new subdivisions in portion of Saratoga Springs

Sewer capacity pausing approval of new subdivisions in portion of Saratoga Springs

Ladd Egan, KSL-TV  |  Posted May 19 - 8:28 p.m.

Saratoga Springs is pausing approval of new plats for subdivisions in the city's south end until a sewer system upgrade is completed.
Mortgage demand wanes 12% as interest rate hikes begin to dampen housing market

Mortgage demand wanes 12% as interest rate hikes begin to dampen housing market

Katie McKellar, Deseret News  |  Posted May 18 - 9:44 p.m.

The Federal Reserve's interest rate hikes are starting to make a dent in the U.S.'s hot housing market.
As southwestern Utah grows, so does the wildfire risk

As southwestern Utah grows, so does the wildfire risk

Kyle Dunphey, Deseret News  |  Posted May 18 - 9:07 a.m.

Southern Utah's Washington County is growing at breakneck speed. St. George is the fastest growing metro area in the country, according to Census data.