Mortgage Rates Jump Again

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Utah Market Data

> Multi-Unit (2+ Units) - Active Listings

The number of active multi-unit listings is up 17% compared to 365 days ago going from 223 to 261 today. Meanwhile the median price per square foot for multi-unit listings is down .30% compared to 365 days ago going from $266 to $265 currently.

> Single Family Homes - Active listings

The number of active single-family listings is up 41% compared to 365 days ago going from 8,502 to 10,995 today. Meanwhile the median price per square foot for single-family listings is down 1% compared to 365 days ago going from $251 to $249 currently.

Rates & Financing

> Mortgage Rates as of 5/20/2025

Headlines & Insights

Utah Headlines

Cox Pushes Cities on Housing – Utah Governor Spencer Cox says it's time for “tough conversations” with cities that resist high-density housing. He warned that the state may take stronger action if local governments don’t step up, and emphasized better public messaging to shift opinions on growth. With rising costs and limited supply, Cox argues bold changes are needed to secure housing for future generations.

SLC Zoning Shift Sparks Debate –Salt Lake City may soon update zoning rules to allow more housing types in key neighborhoods like the Avenues and Capitol Hill. Supporters say the change could boost affordability and help families stay in the city, while critics worry about losing historic charm and worsening parking. The City Council will make the final decision later this year.

Big Backing for Entrata – Entrata, a Utah-based property tech firm serving over 12 million renters, just secured a $200 million investment from Blackstone at a $4.3 billion valuation. The funding will help expand its all-in-one platform for property managers and boost resident experience with tools like online payments and rewards programs.

New Housing Rises After Fire – Salt Lake City approved a 241-unit apartment project at the site of a former snack factory that burned down in April. Despite concerns about the building’s length, the project aligns with the Ballpark neighborhood’s growth plan and includes retail space and modern amenities. Some residents hoped for ownership options, but the development will be all rentals for now.

National Headlines

Mortgage Rates Jump Again – Mortgage rates climbed back above 7% after a U.S. credit downgrade, hitting their highest level since April. The rise has cooled spring homebuyer activity and pushed homebuilder sentiment to a low not seen since 2023. Rates above 7% continue to sideline buyers and shrink mortgage eligibility.

Missing Middle Rebounds – Small multifamily housing—like duplexes and fourplexes—saw a 53% increase in new construction over the past year. While first-quarter 2025 numbers were flat compared to last year, the overall trend is moving up. Still, this type of housing remains below historic levels and needs zoning reform to truly grow.

Bigger Homes Make a Comeback – The average size of new single-family homes is rising again, with the median at 2,190 square feet in early 2025. After shrinking during affordability crunches, home sizes are ticking up as buyers seek more space. Still, affordability concerns may limit how big homes can get long-term.

Spring Slump Hits Housing – Home sales slowed in April as high mortgage rates and economic worries kept buyers on the sidelines. Even with supply at a 5-year high and price growth cooling, many buyers backed out or made lowball offers. Homes are sitting longer, and fewer are selling above asking, signaling a shift toward a buyer’s market.

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