In a recent government meeting, officials provided an update on the housing market in Salt Lake City, highlighting key indicators that reflect current trends. The median days a house remains on the market has been recorded at 46 days for the summer, suggesting a relatively tight housing market. This figure aligns with historical averages, indicating that while the market remains competitive, it is not experiencing the extreme conditions seen in previous years.

The discussion also included insights from the Case Shiller Index, which tracks national housing prices. The index currently stands at 324, showing a notable increase over time. This trend indicates that home prices are rising at a faster rate compared to the moderate increases observed in the early to mid-2010s.

Additionally, mortgage rates were addressed, with the 30-year fixed rate currently at approximately 6.2% and the 15-year rate at 5.3%. These rates have been declining, influenced by softening economic conditions and recent actions by the Federal Reserve to cut rates.

Overall, while the Utah economy is expected to continue its strong growth trajectory, officials do not foresee a return to the rapid revenue growth experienced during the pandemic. Consumer sentiment remains high, with increasing income and consumption figures, although the labor market is showing signs of slowing. Inflation is moderating, and the Federal Reserve's easing of monetary policy is contributing to the current economic landscape. The meeting concluded with an invitation for further questions from attendees.