‘Hyper-, hyper-competitive’ — Salt Lake area housing market is white hot, but are Californians to blame?

June 24, 2021 (Salt Lake Tribune)

But it’s not just the Californians — or the Vermonters, the New Yorkers and the Texans — who are affecting the market. Recent research by the Utah Foundation noted that the Salt Lake metropolitan area saw the fifth most extreme growth rate of 100 cities measured, but added that fewer people arrived in 2020 than in past years. Rather, more people are staying in the state.

“Is it Californians driving that growth? Not likely,” Christopher Collard, a research analyst with foundation, wrote. “It turns out that for 2020, Salt Lake metro residents are to blame (at least in part) for rising housing and rental prices because they have not moved out at a similar pace as in previous years.”

When asked for their reactions to the foundation’s conclusion, real estate agents said they agreed. Sort of.

“It’s funny, because I used to blame the market, mostly on the people moving to Salt Lake,” Tripoli said. But to him, the research makes sense.

Wilde agreed. He noted that the area is still seeing massive growth, but “more pressing is … that we have two-thirds the amount of inventory that we did last year. That is 100 percent driving this economy, because demand is one piece, but supply is driving the train.”

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