Salt Lake City Home Sales Fell 22.5% in October. Prices Barely Moved.
Zillow and Realtor.com's October 2026 reports show Salt Lake City home sales down 22.5%, 17.7% more homes for sale and a price cut on nearly a third of listings, while values slipped just 0.2%. Here is what that means for Utah buyers and sellers.
Two national housing reports came out in the first week of November 2026, and both single out Salt Lake City. Zillow's October market report, released Nov. 5, estimates that home sales in the Salt Lake City metro fell 22.5% from a year earlier, the steepest drop of any major metro in its table. Realtor.com's October housing report, released Nov. 4, shows 17.7% more homes for sale in the metro than last October and a price cut on nearly a third of them.
Prices are the odd part. With sales down that much, the typical Salt Lake home value slipped only 0.2% over the year. Below is what each report says, how it compares with our own MLS numbers for the Wasatch Front and St. George, and what it means if you plan to buy or sell this winter.
The Short Version
- Sales: down 22.5% in the Salt Lake City metro, against 8.7% nationally (Zillow).
- Homes for sale: up 17.7% in the metro, against 7.4% nationally (Realtor.com).
- Price cuts: 31.8% of Salt Lake listings, against 20.5% nationally (Realtor.com).
- Home values: $554,250 typical value, down 0.2% in a year (Zillow).
- Mortgage rates: averaged 7.33% in October, up from 6.86% in September (Freddie Mac, cited by Zillow).
What Zillow's October Report Says About Salt Lake City
Zillow tracks the Salt Lake City metro, which covers Salt Lake and Tooele counties. Its October numbers:
| Salt Lake City metro | United States | |
|---|---|---|
| Typical home value | $554,250 | $364,812 |
| Value change, one year | -0.2% | +0.7% |
| Value change, one month | -0.7% | -0.6% |
| Homes for sale, one year | +8.8% | +3.4% |
| Estimated sales, one year | -22.5% | -8.7% |
| Typical rent | $1,637 (+1.4%) | $1,913 (+2.9%) |
Nationally, Zillow counted 16.8% fewer newly pending listings than a year ago, the largest annual drop since August 2023. The typical monthly mortgage payment on a U.S. home rose 12.8% in a year to $2,004. Zillow's chief economist, Mischa Fisher, said of the slowdown that "next month is likely going to be the worst of it."
Salt Lake City is the only Utah metro in Zillow's table, so the report says nothing directly about Provo, Ogden or St. George.
What Realtor.com's October Report Says
Realtor.com measures the listing side of the market: how many homes are for sale, what sellers are asking and how often they cut the price.
| Salt Lake City metro | West | United States | |
|---|---|---|---|
| Homes for sale, one year | +17.7% | +9.0% | +7.4% |
| New listings, one year | -10.1% | -10.8% | -7.5% |
| Median asking price | $559,000 | $589,000 | $415,000 |
| Asking price, one year | -3.5% | -1.7% | -2.2% |
| Listings with a price cut | 31.8% | 21.6% | 20.5% |
Two details explain the rest of the picture. Fewer owners listed a home in October than a year ago, yet the number of homes for sale still rose, because the homes already on the market are taking longer to sell. The median Salt Lake listing had been on the market 63 days, four days longer than last October. And the asking price per square foot was up 0.3%, so the 3.5% drop in the median asking price partly reflects smaller and lower-priced homes making up more of what is listed.
How the Rest of Utah Compares
Realtor.com also publishes October figures for Utah's other metros and the state as a whole:
| Area | Homes for sale, one year | Median asking price | Asking price, one year |
|---|---|---|---|
| Salt Lake City | +17.7% | $559,000 | -3.5% |
| Ogden-Clearfield | +12.4% | $534,900 | -0.4% |
| St. George | +7.5% | $600,000 | -3.2% |
| Provo-Orem | -0.6% | $565,000 | -0.1% |
| Utah statewide | +8.5% | $575,000 | -1.7% |
Provo and the rest of Utah County are the exception: about the same number of homes for sale as a year ago and asking prices flat. Ogden looks more like Salt Lake, with more homes to choose from. Statewide, Realtor.com counted 15,457 homes for sale in October, 20.4% fewer new listings than a year earlier and 17.0% fewer homes under contract.
What Our MLS Numbers Show
Zillow's sales figure is an estimate, so we checked it against closed sales in our own MLS data. October 2026 against October 2025, residential sales:
| County | October 2025 | October 2026 | Change |
|---|---|---|---|
| Salt Lake | 1,080 | 829 | -23% |
| Utah | 888 | 609 | -31% |
| Davis | 315 | 234 | -26% |
| Weber | 302 | 269 | -11% |
| Washington | 371 | 304 | -18% |
Salt Lake County's 23% drop lines up closely with Zillow's 22.5% estimate for the metro. One caution: some October closings are still being reported to the MLS, so the 2026 counts will rise a little and the final gaps will be somewhat smaller. The direction will not change. The median sale price in Salt Lake County was $548,900 in October, about 2.5% below a year earlier.
For numbers that update on their own, here is the latest full month for Salt Lake City itself:
- Median sale price: $590,000
- Median days on market: 34 days
- Sale-to-list ratio: 97.7%
- Homes for sale now: 967
The full charts are in the Salt Lake City market report and the Utah statewide market report.
Why Sales Fell So Hard in October
The main reason is the mortgage rate. Freddie Mac's 30-year average went from 6.86% in September to 7.33% in October. On a home at Zillow's typical Salt Lake value of $554,250 with 20% down, that moves the principal and interest payment from about $2,908 to about $3,049 a month, roughly $140 more for the same house. Buyers who were approved at the September rate qualified for less in October, and some stepped back.
Salt Lake is also an expensive market for local incomes, so a rate jump takes more buyers out here than in a cheaper metro. And buyers had more homes to choose from, which removes the pressure to move fast. Our look at what the Fed's October decision means for Utah buyers covers where rates may go from here.
Why Prices Have Barely Moved
A 22.5% drop in sales with a 0.2% drop in values looks like a contradiction. It isn't, for three reasons.
- Few owners have to sell. Most Utah homeowners have a lot of equity and many have a mortgage rate far below 7%. An owner who doesn't get the price can wait, rent the home out or take it off the market.
- Fewer new listings. New listings in the metro fell 10.1%. The number of homes for sale is growing because homes sit longer, not because owners are rushing to list.
- The adjustment shows up in price cuts first. A seller who lists too high and cuts to the market price still sells near the going value. That is why 31.8% of listings carry a cut while the typical value is almost unchanged.
This fits the pattern we described in Utah's stalled and split market: slow sales and firm prices at the same time, with big differences by county and price range.
What It Means for Buyers
Buyers have more room to negotiate than at any point in the last few years, and the room is not spread evenly.
- Look at homes that have been listed 60 days or more. With the median listing at 63 days, about half the market qualifies. Those sellers are the most open to a lower price, closing-cost help or a rate buydown.
- Ask for the full listing history. A home that was pulled and relisted shows a fresh day count. The history shows how long it has really been for sale and every price change.
- Compare builders with resales. Builders often pay to lower your rate instead of cutting the price. Ask what the buydown costs them and whether they would take the same amount off the price. See new construction in Salt Lake City.
- Keep the inspection. In a slow market there is no reason to waive it, and what it finds is something to negotiate with.
- Consider a lower-rate loan you can take over. Some sellers have assumable FHA or VA loans at rates well under today's. Browse Utah homes with assumable loans.
Attached homes have been slower to sell than detached houses, so Salt Lake City townhomes and condos are where buyers tend to find the most flexibility.
What It Means for Sellers
- Price from the last 90 days of sales. Buyers compare your home with what is for sale now and what just sold, not with what a neighbor got two years ago.
- The first two to three weeks matter most. A home priced right at the start gets the most showings then. A home that starts high joins the third of listings that end up cutting.
- Expect to offer something. Closing-cost help or a rate buydown often does more for a buyer's monthly payment than the same dollars off the price.
- Know your number before you list. You can request a free home valuation based on recent sales near you.
If you are still deciding on timing, should you buy or sell in Utah's housing market right now walks through both sides.
What to Watch Next
Zillow's next report is expected Dec. 4 and will show whether November was, as its economist suggested, the low point. Three numbers will tell you more than any headline: the 30-year mortgage rate, the count of homes for sale in your county, and the share of listings with a price cut. If rates ease back toward where they were in September, some of the buyers who paused in October are likely to return. If they stay above 7% into spring, expect more of the same: slow sales, plenty of choice and prices that drift instead of drop.
Sources: Zillow October 2026 Market Report (Nov. 5, 2026); Realtor.com October 2026 Monthly Housing Trends Report (Nov. 4, 2026); Freddie Mac Primary Mortgage Market Survey; Best Utah Real Estate MLS data for closed sales.
Posted by Kristopher Larson
Frequently asked questions
Is the Salt Lake City housing market crashing?
No. Sales fell sharply in October 2026, but prices did not. Zillow puts the typical Salt Lake City metro home value at $554,250, down 0.2% from a year earlier. A crash needs many owners who are forced to sell, and most Utah owners have equity and low mortgage rates, so they can wait.
How much did Salt Lake City home sales fall in October 2026?
Zillow estimates sales in the Salt Lake City metro fell 22.5% from October 2025, the steepest drop of any major metro in its report. Our MLS data shows a similar drop in Salt Lake County, from 1,080 closed sales to 829, though late-reported closings will raise the 2026 count slightly.
Are home prices dropping in Salt Lake City?
Slightly. Zillow shows values down 0.2% in a year and 0.7% in the last month. Realtor.com shows the median asking price at $559,000, down 3.5%, with a price cut on 31.8% of listings. The asking price per square foot is up 0.3%, so part of the drop comes from more lower-priced homes being listed.
Why are there more homes for sale in Salt Lake City?
Homes are taking longer to sell. Realtor.com counted 17.7% more homes for sale in the metro than a year ago even though new listings fell 10.1%. The median listing had been on the market 63 days in October, four days longer than last year.
Is now a good time to buy a home in Salt Lake City?
It depends on your payment, not the headlines. Buyers have more choice and more room to negotiate than in recent years, especially on homes listed 60 days or more. But mortgage rates averaged 7.33% in October, so run the monthly payment first and ask sellers or builders about rate buydowns and closing-cost help.
How does the rest of Utah compare with Salt Lake City?
Realtor.com shows 12.4% more homes for sale in Ogden-Clearfield, 7.5% more in St. George and about the same number as last year in Provo-Orem. Statewide, homes for sale are up 8.5% and the median asking price is $575,000, down 1.7%.
Salt Lake City, Utah housing market
A quick read on what homes are doing in Salt Lake City right now — pulled live from the MLS.
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