The 2026 Spring market continues

Highlights:
1) Mortgage rate roller coaster. 30 year fixed touched <6% twice in the last few months, increased to over 6.6%, and now declined to <6.5%
2) Local housing inventory peaked for 2025 in early November, bottomed in early February 30% below November levels, and is now increasing
3) No surprise, semi-recently accelerated market 
4) Multiple offer situations are not the norm, but seeing plenty of them 

This is such a unique market. The market is active, but behaviors and perceptions haven't changed. The comical way of describing this is that sellers think it is 2021, buyers think it is 2008, and the skilled Realtor's job is to close that gap.

Local housing inventory peaked for 2025 in early November, bottomed in early February 30% below November levels, and is now about 2 months into the increasing trend. The trend is likely to continue through the Fall. High annual water mark for inventory is typically in early November with a trough when the flowers come out in the Spring. 

There is so much pent up demand (and supply). Many savvy people accomplishing goals that they may have put off for a long time. I would argue that there is A LOT of pent up demand in the market from the past several years. A huge amount of people that want to make a move but feel like they can't afford it and/or they feel handcuffed by their current advantageous interest rate. A lot of very smart people think that 30 year fixed below 6% is where A LOT of pent up demand (and the supply that comes with it) will come into the market. I tend to agree. 

Across the board for the Wasatch Front counties, inventory/supply ranges from two months and four months. By that measure alone it is a balanced sellers market. Some homes go gangbusters multiple offers (some neighborhood and price brackets have been super competitive with multiple offer situations being common) while others sit on market. In the current inventory we are seeing some price reductions. In Salt Lake County, 27.9% of the current inventory reduced offering price in the last 30 days. Slight decline from recent months. Close to half (40.2%) of the homes currently on the market in Salt Lake County reduced price at least once. Slight decline from recent months. 

30 year mortgages are now at 6.46% (Freddie Mac). This means that the most qualified borrowers can get rates in the 5's or very close to it. These numbers are posted every Thursday. 

If you are having thoughts of moving, it might benefit you to have a casual conversation about what is possible in this market. Pro tip, selling and buying at the same time without moving twice IS POSSIBLE in the current market. Schedule a strategy session HERE