Manti
REAL ESTATE
Housing supply flagging in Salt Lake and throughout Utah
Data: Redfin; Note: Reflects how long it would theoretically take for every home on sale to sell in current conditions; Chart: Axios VisualsThe housing supply in the Salt Lake metro area has fallen again after a couple of brief post-pandemic spikes.Why it matters: The housing market is considered balanced when supply meets the six-month level — and Utah's housing markets don't come close to that. Zoom out: Nationally, that hasn't happened since 2012."The market is fundamentally unbalanced," because the U.S. is short an estimated 3.8 million homes, Redfin chief economist Daryl Fairweather tells Axios.Between the lines: Housing supply drives affordability.What's next: If mortgage rates fall, demand will surge, and supply will continue to deplete, Fairweather says.
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