Market analytics · May 2026 archive
Spanish Fork, Utah real estate market report.
Monthly sold prices, days on market, sale-to-list ratio, and absorption rate. Updated nightly from UtahRealEstate.com and the Washington County Board of Realtors.
Updated · Sources: UtahRealEstate.com & Washington County Board of Realtors
May 2026 · Market Analysis
Spanish Fork homes that did sell in May closed in 11 days — but far fewer made it to the closing table.
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The standout number in Spanish Fork this May was median days on market: 11 days, down from 28 in April 2026 and well below the 27-day reading from May 2025. That speed, however, comes with an important asterisk — only 32 homes closed in May, compared to 79 in May 2025 and 58 in April 2026, meaning the fast pace reflects a highly selective group of motivated buyers rather than broad market strength. The homes that did sell moved quickly; the ones that didn't are sitting in a growing pool of 266 active listings.
Market pulse
Median days on market in Spanish Fork has swung sharply over the past six months: 40 days in December 2025, 48 in January 2026, 36 in February, 51 in March, 28 in April, and now 11 in May — but that compression happened alongside a steep drop in closings, not a pickup in demand. Active inventory has climbed steadily from 152 homes in December to 177 in January, 185 in February, 187 in March, 224 in April, and 266 in May, a pattern that points to supply building faster than buyers are absorbing it. The sale-to-list ratio slipped to 99.45% in May from 99% in April and 100.07% in March, a narrow range that suggests sellers are still pricing close to market but no longer commanding the small premiums seen earlier in the spring. At May's pace of 32 closings, it would take roughly 8.3 months to work through the current inventory of 266 homes — a meaningful shift from the 3.0–3.9 month range that held from December through April.
Mortgage context
The 30-year fixed rate has climbed to 6.75% — up 0.25 percentage points from 6.5% thirty days ago and 0.56 percentage points above February's monthly average of 6.19%, which was the low point of the past several months. That rate trajectory is doing real work on affordability in Spanish Fork: after touching a relative low in February, rates moved up through March (6.48%), held near 6.42% in April, and have now pushed higher again in June, narrowing the pool of buyers who can comfortably qualify at current prices. FHA and VA options at 6.25% are providing some relief for first-time and military buyers, but jumbo borrowers financing Legacy Farms at Spanish Fork or Canyon View Meadows properties above $700K are looking at 7.25%.
Payment math
On a median-priced home here — about $504,000 with 20% down — the monthly principal-and-interest payment lands at $2,614 at 6.75% — $67 more than 30 days ago at 6.5%, and $148 above the February low when rates averaged 6.19% and the payment would have been $2,466.
If you're buying
Target homes that have been listed for more than 45 days — the Ridge subdivision and Legacy Farms at Spanish Fork both showed listings sitting 85 and 113 days respectively in May, and sellers in those situations are more likely to negotiate on price or concessions. With 266 active listings and only 32 closings last month, you have real leverage in the $400K–$700K band, where 19 of May's 32 closings landed; look for homes where the list price has already been reduced (6 of May's 32 closings involved a price cut) as a signal the seller is motivated. If you're financing with a conventional loan, run your numbers at 6.75% now and stress-test at 7% — rates have moved up 0.56 percentage points since February and the trend has not reversed.
If you're selling
Price to where the market is, not where it was in March or April — the median list price in May was $602,400 while the median sale price was $503,750, a gap of nearly $100,000 that tells you overpriced homes are sitting while correctly priced ones close in under two weeks. Homes in Spanish Fields closed in a median of 5 days in May at a median of $465,000, which shows that well-positioned entry-level inventory still moves fast; if your home is in that range, condition and pricing precision matter more than timing. Sellers in the over-$700K segment — including Canyon View Meadows and River Cove — should expect longer timelines (14–26 days on market even for the homes that did close) and should budget for the possibility of a price adjustment given the jumbo rate environment at 7.25%.
Outlook
Over the next 60–90 days, Spanish Fork is likely to see continued inventory growth as new listings keep arriving — 85 came to market in May alone — while closings remain constrained by rates that have now climbed to 6.75% and show no clear sign of retreating. Buyers who were priced out of Lehi or Saratoga Springs and looking at Spanish Fork as a more affordable alternative along the US-6 corridor will find more choices than they've had in over a year, but qualifying at current rates on a $500K home requires a household income most first-time buyers are stretching to reach. If new listings continue running above 80 per month through July and closings don't recover toward the 55–65 range, the sale-to-list ratio will likely drift below 99% and days on market will begin climbing again even for well-priced homes.
Watch for
If the 30-year fixed rate crosses 7%, expect monthly closings in Spanish Fork to fall further below 35 and active inventory to push past 300 homes, shifting negotiating power decisively toward buyers across all price bands.
"Lightning-fast closings, a shrinking pool of buyers, and 266 homes waiting — Spanish Fork's May told two stories at once."
Common questions about Spanish Fork this month
Is Spanish Fork a buyer's or seller's market in May 2026? ▾
It's shifting toward buyers. With 266 active listings and only 32 closings in May, there's roughly 8.3 months of supply on the market — well above the 3–4 month range that defined Spanish Fork from December through April. Sellers of well-priced homes are still closing quickly (median 11 days), but the overall balance of power has moved in buyers' favor, especially for homes that have been sitting more than 45 days.
Why did so few homes close in Spanish Fork in May 2026? ▾
May's 32 closings are well below the 79 recorded in May 2025 and the 58 from April 2026. The most likely explanation is a combination of rising mortgage rates — now at 6.75%, up from a February low of 6.19% — and a growing mismatch between list prices (median $602,400) and what buyers are willing or able to pay (median sale price $503,750). More homes are coming to market than are selling, which is why inventory has grown every month since December.
What price range is moving fastest in Spanish Fork right now? ▾
The $400K–$700K band is where most of the action is — 19 of May's 32 closings landed there, with a median sale price of $500,000 and a median of just 9 days on market. Spanish Fields, which sits in that range, saw 3 closings at a median of 5 days and $465,000. Homes under $400K are taking longer (21 days median) despite lower prices, likely because that segment has fewer listings relative to demand.
How are rising mortgage rates affecting affordability in Spanish Fork? ▾
At today's 6.75% rate, a buyer putting 20% down on a median-priced $504,000 home pays $2,614 per month in principal and interest. That's $148 more per month than the same purchase would have cost in February when rates averaged 6.19% — a difference of nearly $1,800 per year. Buyers using FHA or VA financing at 6.25% get some relief, but those programs have loan limits that can complicate purchases above $500K.
Are sellers in Spanish Fork cutting prices? ▾
Six of the 32 homes that closed in May had a price reduction before going under contract — that's the first month this figure is reliably tracked in our data. More telling is the gap between the median list price ($602,400) and the median sale price ($503,750): homes priced at or above that list-price level are largely not closing, while homes priced closer to actual market value are moving in under two weeks. Sellers who anchor to last spring's prices are finding their listings stale.
Number of Listings
Active inventory · new listings · sold per month
Listing Prices
Active median list · new median list · sold median sale
Absorption Rate
Months of supply — active inventory ÷ monthly sold rate
Sale-to-List Ratio
Close price ÷ original list — buyer/seller leverage
Days on Market
Median days from listing to close
Price Volume
Total dollar volume — active · new · sold per month
May 2026 cohort breakdown
Distribution of what closed last month — by price band, sale-vs-list outcome, and top subdivisions.
How sales priced vs asking
33 sold homes that had a list price recorded
Days on market spread
Quartile distribution
Median 13 · 25th percentile 2 · 75th percentile 37
Needed a price change
Sold listings that had a recorded price change before close
7 of 33 sold homes had at least one price change while listed. Lower = sellers are pricing right the first time.
Sales by price band
Closed-price bucket → sold count and median days to contract
Top subdivisions this month
Ranked by closed count
- 1. Spanish Fields 3 sold · $465K · 5d
- 2. Canyon View Meadows 2 sold · $797K · 26d
- 3. River Cove 2 sold · $770K · 22d
- 4. Legacy Farms At Spanish Fork 2 sold · $682K · 113d
- 5. Ridge 2 sold · $456K · 85d
May 2026 by property type
How each housing type performed last month — 32 closings total across subtypes.
Summary Statistics
| Metric | May-26 | May-25 | % Chg | 2026 YTD | 2025 YTD | % Chg |
|---|---|---|---|---|---|---|
| Sold Count | 33 | 79 | -58.23% | 234 | 284 | -17.61% |
| Median Sale Price | $500,000 | $445,000 | +12.36% | $494,008 | $457,575 | +7.96% |
| Median DOM | 13 | 27 | -51.85% | 37 | 28 | +32.14% |
| Sale-to-List Ratio | 99.36% | 99.16% | +0.20% | 99.68% | 99.46% | +0.22% |
Sources: UtahRealEstate.com and the Washington County Board of Realtors, aggregated by Best Utah Real Estate. Sale-to-list ratio compares closing price to the final list price (post-reduction). Absorption rate = active inventory ÷ monthly sold rate.