The Housing Market: Utah Cities at Risk, but Unlikely to Crash

Salt Lake City has been identified as the most at-risk housing market for a home price correction in the United States, according to a report by Morningstar. Factors contributing to this risk include the city's lack of affordability, negative population growth, increased for-sale inventory, and longer average days on the market. While Morningstar researchers do not predict a housing market crash, they anticipate a national drop in home prices of 4% to 6% from their peak in 2024. Other Utah metros, Provo and Ogden, also ranked among the top 15 for highest home price correction risk. Conversely, Eastern cities such as Hartford, Syracuse, and Allentown were deemed to have the lowest risk for price correction.