Housing crisis becomes an emergency as Salt Lake County home prices spike 31% in a year

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Median price tag climbed to $535,000 in May, up $128,000 from 12 months ago, as severe supply shortage and slumping sales take their toll on Utah’s would-be buyers.

(Francisco Kjolseth | The Salt Lake Tribune) A home for sale in Salt Lake City on Tuesday, April 27, 2021. Even with housing demand in Utah at historic highs, home sales along the Wasatch Front dropped earlier this year for a lack of supply. Prices, meanwhile, keep climbing for single-family homes as razor-thin supplies dampen sales and buyers go for more affordable alternatives such as condominiums and town homes.

In the latest sign of Utah’s housing crisis, Wasatch Front real estate agents Thursday decried the dire lack of homes on the market as prices climb to shocking new records and sales continue to bog down.

Salt Lake County’s median price on a single-family home inched past the eye-catching $500,000 mark sometime in March and…

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