2-4 Unit Supply Climbs to 9 Months

Utah Market Data

This is a year-to-date look at three parts of the Utah market. Single-family (homes, townhomes, twin homes, and condos). Multi-unit (2-4 unit properties+ and Commercial Multifamily (5 or more units).

Single-Family

Utah closed 29,616 single-family sales from January through September, about even with 29,574 last year. The median sale price is $522,000, up 1.4% from $515,000. The median price per square foot is $234, compared with $235 a year ago.

Homes that sold spent a median 42 days on the market, up from 38. Sellers got a median 98.1% of their original list price, the same as last year.

New listings rose 3.2% to 47,657. At the end of September, 14,370 homes were for sale, up 10.7% from 12,976. That is 4.4 months of supply (homes for sale divided by average monthly sales over the past 12 months), up from 4.0. Pending sales (homes under contract at month end) came in at 3,906, down 6.3%, and have been below last year every month since July.

2-4 Unit Properties

Utah closed 321 duplex, triplex and fourplex sales through September, down 8.3% from 350. New listings rose 9.0% to 753 from 691.

The median price per square foot is $232, down 2.5% from $238. The median sale price fell further, down 6.8% to $629,000 from $675,000. Price per square foot fell less because it adjusts for the size of each building.

The typical 2-4 unit property took 59 days to sell, up from 36 last year. Sellers got a median 95.5% of their original list price, down from 96.4%.

There were 339 properties for sale at the end of September, up 43.6% from 236. That is 9.0 months of supply, up from 5.9. Pending sales rose 13.0% to 61 from 54 and have been above last year every month since April.

Commercial Multifamily 5+ Units

This is a small group. Utah closed 42 sales of buildings with 5 or more units through September, up 55.6% from 27, or 15 more sales. With so few sales, one or two deals can move these numbers a lot.

The median price per square foot is $228, down 14.3% from $266. The median sale price went the other way, up 29.6% to $1,782,500 from $1,375,000, because bigger buildings sold this year. The typical building that sold had 8 units, compared with 6 last year.

Buildings took a median 89 days to sell compared with 37.5 last year, and sellers got a median 93.6% of their original list price, down from 96.2%.

New listings rose 11.3% to 148 from 133. There were 86 buildings for sale at the end of September, down from 89 a year ago. With more sales and about the same number of listings, months of supply fell to 15.9 from 28.1.

Side by Side

Price per square foot is now within $6 across all three groups. Single-family is at $234, 2-4 unit at $232 and 5+ unit at $228. A year ago 5+ unit buildings were the highest at $266.

Days on market have spread further apart. The median is 42 days for single-family, 59 for 2-4 unit and 89 for 5+ unit. Last year all three were between 36 and 38 days.

Months of supply is 4.4 for single-family, 9.0 for 2-4 unit and 15.9 for 5+ unit. Single-family and 2-4 unit rose from a year ago, and 5+ unit fell.

The Bottom Line

Single-family sales and prices are close to last year, but 10.7% more homes are for sale and pending sales have run lower since July. 2-4 unit sales are down 8.3%, price per square foot is down 2.5%, and the typical property takes 59 days to sell, up from 36. Buildings with 5+ units sold 15 more than last year, which cut months of supply to 15.9 from 28.1, but the median price per square foot fell 14.3% on just 42 sales.

_{Data sourced from UtahRealEstate.com (WFRMLS) RapidStats reports, statewide, all price ranges, prepared October 7, 2026. Sales counts, sale prices, new listings, pending sales and supply come from the September 2026 Monthly Metrics reports and cover January through September. Price per square foot, median days on market and percent of original list price come from the Sold Listings Summary reports and cover January 1 through October 6 of each year. Months of supply divides homes for sale at the end of September by average monthly sales from October through September. Units per building from the UtahRealEstate.com API, pulled October 7, 2026. UtahInvestor.com analysis.}

Sold Multi-Units This Week

Eleven multi-unit properties closed across Utah between September 29 and October 5. Prices ran from $345,000 to $1,090,000. Nine sold below their final asking price, one sold at asking and one closed just above. Six were duplexes, four had four units and an Ogden building had five. A Logan fourplex sold in 11 days, while an Ogden duplex closed after 185 days on the market.

Mortgage Rates & Financing

Mortgage rates held near their highs this week. The 30-year fixed sits at 7.56%, down 0.02 from a week ago but up 0.67 over the past month and 1.18 above a year ago. Its 52-week high is 7.61%. The 15-year fixed is at 7.22% and FHA is at 7.20%. Jumbo loans rose 0.10 to 7.70%, a new 52-week high. The 7/6 SOFR ARM is at 6.89%, which is 0.67 under the 30-year fixed.

The 10-year Treasury closed at 5.27% on October 6, up from 5.26% a week earlier. It reached 5.31% on October 5 before easing. Mortgage rates track the 10-year, so rates leveled off as yields did. Investor loans usually price 0.50 to 0.75 above the owner-occupied 30-year, which puts a rental purchase near 8.06% to 8.31% right now.

_{Source: Mortgage News Daily, rates as of October 6, 2026. 10-year Treasury yield from the U.S. Treasury daily yield curve.}

Utah Headlines

Provo Towne Centre Plan Would Put 1,300 Apartments on the Mall Site — Brixton Capital's plan adds 1,300 rental apartments and more than 80 for-sale townhomes, with 12% of units set aside as affordable in exchange for a special tax district that reinvests new property taxes in the project. At least one City Council member says that part of Provo does not need more apartments.

Utah Breaks Ground on a $40 Million Innovation Hub at The Point in Draper — Convergence Point, paid for by the $40 million Nucleus Fund on the 600-acre former prison site, is set to open in summer 2029 and will link all 16 of Utah's public colleges and universities.

Payment on a $500,000 Home Is Up $430 a Month Since February — The monthly payment rose to $3,421 from $2,991 after the biggest one-week jump in mortgage rates in four years, according to Freddie Mac data.

National Headlines

Multifamily Construction Starts Fell 21.7% in August — Multifamily starts are down 14.6% from a year ago while single-family starts rose 7.6% in the month, according to the National Association of Home Builders.

Weak September Jobs Report Cuts the Odds of an October Fed Hike — The U.S. added just 29,000 jobs and unemployment rose to 4.2%, and the odds of a rate hike at the Fed's late-October meeting fell to 22.7% from 64.2%, according to CME FedWatch.

Late Payments on Apartment Loans Passed the Commercial Average for the First Time Since the Pandemic — The late-payment rate on apartment loans sold to bond investors rose 0.35 points to 8.04% in September, above the 8.02% rate for all commercial property, according to Trepp.

Court Pauses New York's Ban on Algorithm-Based Rent Pricing — A federal judge sided with RealPage on September 29, ruling its pricing software is protected speech, while at least six cities including Seattle and San Francisco have passed similar bans.

Rents Posted Their Biggest Yearly Gain Since April 2025 as Pending Home Sales Fell 8.5% — The typical U.S. rent rose 2.7% to $1,932 in September, while Salt Lake City rent rose 0.7% to $1,644 and its homes for sale rose 8.9%, according to Zillow.

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