Utah Shows Increase In Median Home Prices

(Salt Lake City, UT) — Median home prices in Utah are higher than a year ago. A Bankrate report notes that in May that home price was almost 523-thousand dollars, which is about a two-point-four percent increase over 2023. The West and Northeast are the least affordable areas of the country for Americans to purchase a home. The report states that the annual salary needed to purchase a home like this has also increased more than 50-percent in 22 states since early in 2020. Utah, Montana, Tennessee, South Carolina and Arizona had the largest increases. Officials say May may show a glimmer of relief as there was a slower price growth rate reported as more homes came onto the market.