More building needed to reduce housing shortage

Northern Wasatch Association of RealtorsAdvice

Adam Speth2023 President, Northern Wasatch Association of Realtors Labor shortages, high financing costs, supply challenges and regulatory issues are holding back the home-building industry both in Utah and across the nation.  In fact, Utah homebuilding permits fell 19.4% in 2022 — one of the highest drops in the country, according to a report from Point2. In Ogden-Layton, the pullback was even greater with permits down 34% — bad news for our already-historic-low housing inventory problem.   Data from the Ivory-Boyer Construction Database shows a similar pattern. Utah residential permits dropped 29% in 2022, and January 2023 residential permits were at the lowest level in the past five years.  After a record year for homebuilding in 2021, the pullback is concerning since …

Solving Utah’s Housing Shortage

Northern Wasatch Association of RealtorsAdvice

Adam Speth2023 President, Northern Wasatch Association of Realtors Since 2020, the median home price in Weber, Morgan and Davis counties has increased 43% to $438,000 — rising more than $100,000 in just three years. Although the housing market has slowed in recent months, moderately priced housing is still incredibly difficult to find. As of March 20, there were only 229 houses for sale priced less than $400,000 in the three-county area.  While Utah’s housing shortage situation has improved — lacking about 32,000 units currently compared to more than 50,000 in previous years — demand for moderately priced homes continues to exceed the number available, and it’s only getting worse. Realtors worked with the Utah Legislature to address the shortage during …