SANDY, Utah — The number of active home listings in Utah rose to 13,444 as of June 30, marking a 33% increase from 10,138 listings at the same time last year, according to the Salt Lake Board of Realtors® and UtahRealEstate.com.
In fact, the current number of active listings represents a jump of more than 5,000 homes, a 66% increase compared to June 30, 2023. Listings are also up 117% from 6,192 homes on the market as of June 30, 2020, when the COVID-19 pandemic was underway.
“The reason active listings are rising is primarily due to higher mortgage interest rates, which have reduced affordability for many buyers,” said Claire Larson, president of the Salt Lake Board of Realtors®. “An increase of over 5,000 listings from just two years ago means buyers now have more options and greater negotiating power on price and terms.”
Additional contributors to the growing inventory include increased new-home construction and a selloff of investment properties by landlords facing cooling home appreciation and rising carrying costs.
“Many homes are simply staying on the market longer due to more cautious buyers and affordability challenges,” Larson added. “Days-on-market has increased, leading to an accumulation of listings.”
Based on home sales over the past six months, Utah currently has approximately a six-month supply of housing inventory—meaning that if no new homes were listed, all existing homes would sell within six months.
In real estate terms, a balanced market occurs when supply and demand are roughly equal—typically defined as five to six months of inventory. A buyer’s market—where inventory exceeds demand—is considered to exist when supply exceeds six months. Conversely, a seller’s market, driven by high demand and limited supply, occurs when inventory drops below five months.
“The Utah housing market is moving away from a seller-dominated environment,” said Dejan Eskic, chief economist at the Salt Lake Board of Realtors®. “The substantial rise in active listings reflects a combination of increased seller activity and slowing buyer demand. While we’re not yet in a full-fledged buyer’s market across the board, the balance of power is clearly beginning to shift—especially in mid-to-high-end segments and less in-demand areas.”
Price reductions are becoming more common, particularly among higher-priced homes and those located in less desirable areas—a reflection of seller expectations still adjusting to current market conditions.
About the Salt Lake Board of Realtors®
The Salt Lake Board of Realtors® is the Wasatch Front’s voice of real estate and the No. 1 source for housing market information. The Salt Lake Board of Realtors® is the largest shareholder of UtahRealEstate.com, one of the leading Multiple Listing Services (MLS) in the United States. Since 1917, the Salt Lake Board of Realtors® has been a leader in promoting homeownership and protecting private property rights. The Salt Lake Board of Realtors® empowers its members to better serve the public by providing continuing education, advocacy, and a professional code of ethics.
About UtahRealEstate.com
Founded in 1994, UtahRealEstate.com is the leading provider of real estate technology in Utah and one of the largest multiple listing services in the United States. The company provides one of the top-ranked real estate websites in the country, serving more than 8 million consumers each year. It also provides multiple listing services to approximately 20,000 real estate professionals, accounting for nearly 97% of all Realtors® in the state of Utah.