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More first-time buyers, renters squeezed out of 'exhausting' Utah housing market
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It's been quite a year for Utah's housing market as 2021 saw massive price increases, heated competition, and more first-time homebuyers getting squeezed out.
The last 12 months have been a boon for those who own a house or sold one. But for others, the year was discouraging and frustrating – part of the growing pains our state is experiencing as our housing supply struggles to keep up with demand.
KUTV 2News has reported extensively on the housing market this year – the good, bad, and ugly. We’ve met people like the family of eight living in a two-bedroom duplex, desperately looking for a house but struggling to compete against cash offers. We’ve met others who agreed to buy a home, only to have the builder jack up the prices at the last minute and threaten to cancel their contracts if they didn’t pay.
Looking back at 2021, Dejan Eskic, senior research fellow at the Kem C. Gardner Policy Institute, sums up the housing market in one word.
“Historic,” he said, “in both price acceleration and activity.”
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KUTV is a UT based station and a CBS Television affiliate owned and operated by Sinclair Broadcast Group. Sinclair Broadcast Group, Inc. is one of the largest and most diversified television broadcasting companies in the country today.Sinclair owns and operates, programs or provides sales services to 163 television stations in 77 markets, after pending transactions. Sinclair's television group reaches approximately 38.7% of US television households and includes FOX, ABC, MyTV, CW, CBS, NBC, Univision and Azteca affiliates.
#kutv #saltlakecity #news #utah
The last 12 months have been a boon for those who own a house or sold one. But for others, the year was discouraging and frustrating – part of the growing pains our state is experiencing as our housing supply struggles to keep up with demand.
KUTV 2News has reported extensively on the housing market this year – the good, bad, and ugly. We’ve met people like the family of eight living in a two-bedroom duplex, desperately looking for a house but struggling to compete against cash offers. We’ve met others who agreed to buy a home, only to have the builder jack up the prices at the last minute and threaten to cancel their contracts if they didn’t pay.
Looking back at 2021, Dejan Eskic, senior research fellow at the Kem C. Gardner Policy Institute, sums up the housing market in one word.
“Historic,” he said, “in both price acceleration and activity.”
_______________
Stay up to date with our social media:
Call the Newsroom: 801.839.1234
KUTV is a UT based station and a CBS Television affiliate owned and operated by Sinclair Broadcast Group. Sinclair Broadcast Group, Inc. is one of the largest and most diversified television broadcasting companies in the country today.Sinclair owns and operates, programs or provides sales services to 163 television stations in 77 markets, after pending transactions. Sinclair's television group reaches approximately 38.7% of US television households and includes FOX, ABC, MyTV, CW, CBS, NBC, Univision and Azteca affiliates.
#kutv #saltlakecity #news #utah
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