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- Interest Rates Drop to 3-Month Low
Interest Rates Drop to 3-Month Low
Up 23% - Utah Multi-Unit Listings Continue to Surge; Salt Lake City Unveils Vision to Redevelop Smith’s Ballpark
David Robinson
July 02, 2025
> Featured Listings
Click images below to request details.
Seller is offering a 2-point rate buydown, with flexibility for a 1-1 or 2-1 buydown option depending on buyer preference. Great opportunity to reduce your interest rate and lower monthly payments! Spacious and well-designed 4-unit building, each featuring 3 bedrooms and 2.5 bathrooms for comfortable multi-level living. All units include walkout basements with the exterior units having partial kitchens-perfect for extended family, guests, or added rental potential.
The property has a large three-car garage with a possible fourth that was converted to a storage. The backyard is very large. The tenants are all month-to-month. Updated flooring in kitchen, bathrooms, and hallways. Bedrooms and family rooms have older carpet but can be updated with an acceptable offer.
Rare three bedroom fourplex in growing area of Pleasant Grove! Side by side configuration. Great location. Lots of parking is available in the parking lot. Units have central air conditioning. Good rental rates and cash flow.
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
> Utah Market Data
Multi-Unit (2+ Units) Data —Q2 2025
Snapshot of % change from Q2 2024 to Q2 2025
Active Listings Count | Active Listings Median $/SF | Sold Listings Count | Sold Listings Median $/SF |
|---|---|---|---|
+ 23% | No Change | -8.4% | -6.7% |
Active Multi-Unit Listings (Total Count)
The total number of active multi unit listings reached 306 in 2025Q2 - up 23% from 2024Q2 which reached 249.
Active Multi-Unit Listings (Median Price Per Square Foot)
The median price per square foot for active multi-unit listings came in at $258 in 2025Q2 - matching 2024Q2 which also sat at $258.
Sold Multi-Unit Listings (Total Count)
Sold Multi-Unit Listings reached 131 in 2025Q2 - down 8.39% compared to 143 in 2024Q2
Sold Multi-Unit Listings (Median Price Per Square Foot)
The Median Price per square foot for sold multi-unit listings came in at $236 in 2025Q2 - down 6.72% compared to 2024Q2 which reached $253
Single Family Data—Q2 2025
Snapshot of % change from Q2 2024 to Q2 2025
Active Listings Count | Active Listings Median $/SF | Sold Listings Count | Sold Listings Median $/SF |
|---|---|---|---|
+ 32.5% | -0.4% | +.87% | +1.2% |
Active Single Family Listings (Total Count)
The number of active listings increased surged to 12,878 in 2025Q2 - up 32.5% from 2024Q2.
Active Single Family Listings (Median Price Per Square Foot)
The median price per square foot for active single family listings remained virtually unchanged in 2025Q2 compared to 2024Q2.
Sold Single Family Listings (Total Count)
The total number of sold single family listings reached 10,338 in 2025Q2 - up .87% compared to 2024Q2.
Sold Single Family Listings (Median Price Per Square Foot)
The total median price per square foot for single family sold listings came in at $237 - up 1.2% compared to 2024Q2
> Rates & Financing
Mortgage Rates as of 7/2/2025
Source: Mortgage News Daily
> Headlines & Insights
Utah Headlines
Salt Lake City Unveils Vision to Redevelop Smith’s Ballpark
Salt Lake City plans to transform Smith’s Ballpark into a vibrant mixed-use development featuring housing, retail, a hotel, green space, and civic amenities like a new library and fire station. A portion of the stadium will be preserved as an event venue, while the rest will be phased out for redevelopment starting as early as late 2025.
Salt Lake City Council Set to Vote on Zoning Overhaul - Salt Lake City is proposing a major update to its commercial and mixed-use zoning code to streamline regulations, promote mixed-use development, and better align zoning with citywide housing and climate goals. The new framework reduces the number of zones from 18 to 6 and emphasizes flexible, form-based standards that allow more residential and commercial uses by right.
New Homes Cost Slightly More in Utah — But Much More Nationally
A new study shows that in the Salt Lake City metro, the median price for a newly built home is just over $10,000 more than an existing one — far less than the $42,000 national gap. However, with higher monthly mortgage payments and Utah’s tight affordability, the cost difference could still price out many buyers.
Starter Homes Are Shrinking as Affordability Pressures Mount
A new Harvard report shows the median size of a new U.S. home dropped to 2,150 square feet in 2024—the third straight annual decline—as buyers opt for smaller, more affordable options. In Utah, policymakers are pushing for “starter condos” to meet housing goals amid ongoing regulatory and financing challenges.
National Headlines
Rates Drop to 3 Month Low – Mortgage rates just hit their lowest point in three months, giving buyers with a $3,000 monthly budget an extra $16,000 in purchasing power. With more homes for sale than buyers, now is a smart time to shop, negotiate, and possibly save.
Insurance Costs Climb Nationwide – Homeowner’s insurance premiums are rising in all 50 states, driven by disasters, higher housing costs, and insurer losses. California could see a 21% hike, but states like Louisiana face even steeper jumps, making homeownership more expensive and unpredictable across the U.S.
Refinance Demand Jumps – Mortgage rates dropped to 6.79%, prompting a 7% weekly surge in refinance applications, now 40% higher than last year. Home purchase demand, however, remained flat, as market uncertainty continues to sideline buyers.
Private Section Hiring Turns Negative – The U.S. private sector unexpectedly lost 33,000 jobs in June, far below forecasts for a 100,000 gain, raising concerns about the labor market’s strength. Job cuts were concentrated in service sectors, while large employers and goods-producing industries still added workers.
HUD Slashes FHA Red Tape – In a major rollback, HUD announced it will rescind over a dozen FHA single-family lending policies to cut financing costs and streamline the homebuying process. The changes remove appraisal, underwriting, inspection, and regulatory hurdles—aiming to reduce origination delays, lower homeownership costs, and expand affordable housing access, especially for first-time buyers.
Senate Passes GOP Tax Package – The Senate approved H.R. 1, a sweeping Republican-led tax and spending bill that includes major wins for housing advocates. The package makes permanent the mortgage interest deduction, bolsters LIHTC and Opportunity Zones, preserves 1031 exchanges, and eliminates proposed restrictions on SALT deductions—moves praised by the Mortgage Bankers Association.
What did you think of today's report? |
David Robinson
Principal Broker/Owner
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