"The state's median listing price climbed to $602.230 in 2024, while the median household income reached $88,438-strong earnings but not enough to offset high home prices. Utah accounted for just 1.6% of national housing permits in 2024, despite holding 1.0% of the U.S. population. That results in a permit-to-population ratio of 1.0, a moderate figure that looks solid on paper but falls short in meeting the needs of one of the nation's fastest-growing populations."
"In a post on his Truth Social platform in early October, he accused major builders of hoarding lots to prop up prices-likening them to OPEC, which restricts oil output to maintain high prices. "They're my friends ... but now, they can get Financing, and they have to start building Homes. They're sitting on 2 Million empty lots, A RECORD," Trump wrote."
Utah's housing market combines rapid population and business growth with rising costs and insufficient new supply. Realtor.com's State-by-State Housing Report Card gave Utah a C and a total score of 51, noting a median listing price of $602.230 in 2024 versus median household income of $88,438. Utah issued 1.6% of national housing permits in 2024 despite representing 1.0% of the U.S. population, producing a permit-to-population ratio of 1.0. New construction carries a 9.3% premium over existing homes because of high material and land costs. National calls for increased building include accusations that major builders are hoarding lots to sustain prices.
Read at SFGATE
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