A whopping 8 out of 10 Utahns are concerned about the crushing housing market

In a year when the housing market is red hot just about everywhere in the U.S., accelerated by the pandemic and its effects, the Salt Lake metro area is a contender for having the No.

In Salt Lake County, the median single-family home price climbed to $468,000 in the first quarter of 2021, up $68,000 or 17% from a year earlier when the median price was $400,000, according to the Salt Lake Board of Realtors.

James Wood, the Ivory-Boyer senior fellow at the University of Utah’s Kem C.

About 61% said they were worried about inflated housing prices, 44% said they were concerned there is a real estate bubble that will pop, 40% were concerned about rising property taxes, and 36% said they were worried about the lack of homes for sale.

But Wood said he is worried because the current trajectory isn’t sustainable, and something has to change to level out the market eventually.

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