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12 Most Affordable Cities in Utah
🗞️ Canovo Report: 12 Most Affordable Cities in Utah; PG 8-Unit Listed for 2.59M; Fed Rate Meeting Today
David Robinson
July 31, 2024
This week in The Canovo Report…
👉 Pleasant Grove 8 unit listed for $2.59M
👉 Utah single family sales up 4.04% in Q3
👉 12 most affordable places to live in Utah
👉 Fed meeting today: What to expect
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Happy Investing,
David
// NEW MULTI-UNIT LISTINGS THIS WEEK
> Our team has analyzed these deals using our custom bulk property analyzer to estimate the stabilized cap rate. If you’d like more detail regarding any of these listings, click the links below.
Canovo Group may not be the listing brokerage for the above properties. The information provided is not guaranteed and should not be relied upon to make investment decisions. Buyers should complete their own analysis and due diligence before making any investment.
// SOLD MULTI-UNIT LISTINGS LAST WEEK
> Here's a roundup of multifamily properties sold over the past week. We've estimated their selling cap rates using our bulk analyzer.
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// UTAH MARKET SNAPSHOT
> Utah Multi-Unit (2+ units): SOLD Listings and Price Per Sq Ft
The median sold price per sq ft for multi-unit property in Utah is up 8.51% year to date going from $235 to $255.
The total number of multi-unit properties sold is up 18.52% year to date going from 243 in YTD 2023 to 288 YTD 2024.
> Utah Multi-Unit (2+ units): NEW Listings and Price Per Sq Ft
The median list price per sq ft for new multi-unit listings in Utah is up 1.35% year to date going from $263 to $266.
The total number of new multi-unit listings is up 21.54% year to date going from 492 in YTD 2023 to 598 YTD 2024.
> Single Family Median Sold Price by Quarter
The median sold price for single family homes in Utah is up 4.04%in Q32024 compared to Q32023 goin from $495,000 to $514,995.
Source: wfrmls
// INTEREST RATES & FINANCING
> Mortgage Rates as of 7/31/2024
Source: mortgagenewsdaily.com
Sponsored by: Spencer Allen | Trillion Mortgage NMLS #2296408
// TOP HEADLINES, REPORTS, & INSIGHTS
According to a recent report by Redfin, here are the top 12 cities in Utah where the median home sale prices are below the state average of $544,500.
1. Ogden- Median Home Price: $375,000
2. Logan- Median Home Price: $395,000
3. Saratoga Springs- Median Home Price: $464,990
4. Provo- Median Home Price: $450,000
5. Taylorsville- Median Home Price: $465,000
6. West Valley City- Median Home Price: $475,000
7. Eagle Mountain- Median Home Price: $490,552
8. Orem- Median Home Price: $495,000
9. Layton- Median Home Price: $497,750
10. St. George- Median Home Price: $515,000
11. West Jordan- Median Home Price: $519,750
12. Lehi- Median Home Price: $537,000
Recent data indicates a slight improvement in housing affordability, attributed to decreasing mortgage rates and moderated home prices, but challenges remain.
Main takeaways:
Mortgage payments have dropped, with the median new mortgage payment decreasing to $2,167 in June from $2,219 in May, reflecting a modest easing in borrower affordability.
Despite the short-term relief, overall home prices and mortgage payments remain significantly higher than pre-Covid levels, with a median monthly payment double that of the pre-pandemic norm.
Experts suggest that potential upcoming rate cuts by the Federal Reserve could further enhance affordability, although the market is still far from being strongly buyer-friendly.
The Federal Reserve's meeting today could set the stage for future interest rate cuts, though immediate reductions are unlikely. Here's what consumers and businesses should anticipate:
Main takeaways:
Current Rates: The Fed's benchmark rate is between 5.25% and 5.5%, unchanged since a hike in July 2023.
Inflation Trends: With inflation cooling to around 3% from a peak of 9.1%, the Fed may consider easing rates to maintain economic stability.
Market Predictions: While a rate cut isn't expected immediately, there's a strong consensus among economists for a reduction in the Fed's September meeting.
Economic Indicators: The Fed is balancing its dual mandate—price stability and maximum employment—with recent job growth showing signs of slowing, which might justify a forthcoming rate cut.
Potential Rate Cuts: There's a significant market expectation for up to three rate cuts in 2024, potentially starting in September, influenced by improving inflation figures and a cooling labor market.
The decision will be critical for shaping economic policy amid shifting financial landscapes, affecting everything from mortgage rates to business loans.
David Robinson
Principal Broker/Managing Partner
> Whenever you’re ready there are a couple of ways I can help you:
1. Buy Off-Market Multifamily Properties:Skip the competition and discover exclusive off-market multifamily properties tailored to your investment goals.
2. List Your Property for Only $497List your multi-unit property on the Utah MLS and dozens of other websites through our brokerage and save thousands with our flat fee MLS listing.
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