2020 a standout year for home sale price escalation

March 26, 2021 (UtahPolicy.com)

Utah Foundation’s 2020 Utah Priorities Project found that housing affordability is a top issue to Utah voters. This is due in part to increasing housing prices.

Based on data collected by Redfin (a real estate brokerage that publishes national housing data), Utah’s housing prices skyrocketed in 2020.

A study by bankrate.com found that over the course of 2020, Utah’s home home values increased by 15.4 percent, which was the third-highest increase among U.S. states. As part of its “Housing Heat Index” it also looked at job growth (Utah had the second highest), unemployment (Utah had the fifth lowest) and tax burden (Utah had the 8th lowest). These factors ranked Utah first in the study’s “Housing Heat Index.”

Much of Utah’s increase seem to have been driven by high-priced second homes in Summit and Wasatch counties. If you look at the housing prices in the Mountain State Region’s major metropolitan areas, increases are still present, but the Salt Lake City area is more in line with comparable locations.

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