The State of Utah's Housing Market, 2022-2024

The COVID-19 pandemic years created unmatched volatility in Utah's housing market. Building permits for residential units increased by 26% in 2021, only to fall by 26% in 2022. The pandemic joins the Great Recession as one of those unique moments in Utah's housing market. The recession produced 16 consecutive quarters of declining housing prices, while the pandemic produced the shortest and steepest homebuilding expansion and contraction on record.

The Gardner Institute's latest report, "State of the State's Housing Market", provides a detailed analysis of current housing market conditions in Utah. The report provides information on five key areas: residential construction activity, existing homes sales, the housing shortage, prices and affordability, and a 2023 and 2024 forecast.

On September 13, researchers joined leading industry experts at the Institute’s monthly Newsmaker Breakfast for an in-depth discussion on the report and what the data mean for the future of Utah's housing market. The conversation was moderated by Gardner Institute Senior Research Fellow and Scholar Dejan Eskic. 

Darlene Carter
Chief Executive Officer
C.W. Group

Kristen Matthews
Vice President
John Burns Real Estate Consulting

Jim Wood
Ivory-Boyer Senior Fellow
Kem C. Gardner Policy Institute

Dejan Eskic
Senior Research Fellow and Scholar
Kem C. Gardner Policy Institute