And the way you sell. When it comes to selling homes, your name matters. That’s why we stake our reputation on helping you enhance yours. Selling a new David Weekley home to your Clients means more than simply giving a family a place to live. It means providing a rewarding home building journey and creating an inspiring space where their dreams can come true. That’s how reputations are built – one exceptional experience at a time – and it’s why we make our Team a seamless extension of yours. That’s The Weekley Way.
David Weekley Homeowners Martha, Chad, Parker & Hutchinson Cates
Magazine is Self-Supporting Salt
Realtor® Magazine is self-supporting. The advertisers in this magazine pay for all production and distribution costs. Help support this magazine by advertising. For advertising rates, please contact Mills Publishing at 801.467.9419. The paper used in Salt Lake Realtor® Magazine comes from trees in managed timberlands. These trees are planted and grown specifically to make paper and do not come from parks or wilderness areas. In addition, a portion of this magazine is printed from recycled paper.
Janene
Shelly Tripp
Thank You to Our Top Realtor Partners
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MICAELA CARRIEL
MARTIN MENDIZABAL TANNER DIAMOND
KAREN HANSEN
LISA HOROWITZ
REALTOR
President Dawn Stevens Real Broker
First Vice President
Claire Larson Woodside Homes of Utah LLC
Second Vice President
Jodie Osofsky Summit Sotheby's
Treasurer
Amy Gibbons KW South Valley Keller Williams
Past President
Rob Ockey Berkshire Hathaway
CEO Curtis Bullock
DIRECTORS
Janice Smith
CB Realty (Union Heights)
Laura Fidler
Summit Sotheby's (Draper)
Jenni Barber Berkshire Hathaway
J. Scott Colemere Colemere Realty Assoc.
Chris Anderson Windermere Real Estate - Utah
Morelza Boratzuk RealtyPath (South Valley)
Michael Rowe CB Realty (SL-Sugarhouse)
Eric Santistevan Engel & Volkers (Holladay)
Hannah Cutler CB Realty (Union Heights)
Michael (Mo) Aller Equity RE (Advantage)
Linda Mascher Realtypath LLC (Advisors)
Advertising information may be obtained by calling (801) 467-9419 or by visiting www.millspub.com
Managing Editor Dave Anderton
Publisher Mills Publishing, Inc. www.millspub.com
President Dan Miller
Art Director Jackie Medina
Graphic Design
Ken Magleby
Patrick Witmer
Office Administrator
Cynthia Bell Snow Sales Staff Paula Bell Dan Miller
Salt Lake Board: (801) 542-8840 e-mail: dave@saltlakeboard.com Web Site: www.slrealtors.com
Closing a Remarkable Chapter as President
As my term as President of the Salt Lake Board of Realtors® comes to an end this month, I find myself reflecting on the incredible journey it has been. Stepping away from this role is bittersweet, as serving our members has truly been one of the greatest honors of my career.
This year has been defined by meaningful connections, collaborative efforts, and a shared passion for advancing our industry. Working alongside such dedicated and talented professionals has been an inspiring experience, and I am immensely proud of what we have achieved together.
Looking back to the start of this journey, I’m reminded that volunteering my time and serving on committees has been about far more than simply giving back—it has been about building lasting relationships. Through these efforts, I’ve connected with others who share my deep passion for real estate, including clients, colleagues, and peers. These connections have grown into lifelong friendships that continue to enrich both my personal and professional life.
At its core, real estate is about people. Volunteering has amplified my ability to form meaningful, enduring relationships that go far beyond the scope of transactions. It is these relationships that make our work so impactful and rewarding.
To every member of this organization: thank you. Thank you for your trust, your support, and your unwavering commitment to strengthening our profession. While my term as President is ending, my dedication to our community and our industry remains as strong as ever. It has been an absolute pleasure to serve, and I look forward to continuing to contribute to the success of our profession in the years ahead.
Dawn Stevens President
articles and photographs in this issue, provided proper credit is given to The Salt Lake REALTOR , as well as to any writers and photographers whose names appear with the articles and photographs. While unsolicited original manuscripts and photographs related to the real estate profession are welcome, no payment is made for their use in the publication.
Views and opinions expressed in the editorial and advertising content of the The Salt Lake REALTOR are not necessarily endorsed by the Salt Lake Board of REALTORS . However, advertisers do make publication of this magazine possible, so consideration of products and services listed is greatly appreciated.
OFFICIAL PUBLICATION
REALTOR
Happenings
Utah’s House Prices Rise 3.5% Over Past Year
Utah house prices increased by 3.5% between the third quarter of 2023 and the third quarter of 2024, according to a recent report by the Federal Housing Finance Agency (FHFA). Nationally, house prices rose in 49 states during this period. The five states with the highest annual appreciation were: Hawaii: 10.4%; Delaware: 8.5%; Rhode Island: 8.4%; Connecticut: 8.2%; and New Jersey: 8.1%. In contrast, house prices declined in the District of Columbia and Louisiana by 3.1% and 0.4%, respectively. Utah ranked 39th in annual appreciation. Over the past five years, Utah’s house prices have risen by 63.7%, highlighting significant long-term growth.
Common Pitfalls that Can Arise Without Professional Guidance
The Salt Lake Board of Realtors® sponsored a KSL.com article highlighting the risks of buying a home without a Realtor®. It warned that buyers could mishandle legal contracts, miss crucial deadlines, or overlook property defects. “Real estate contracts are complex and can have serious consequences if misunderstood. Without professional representation, buyers risk losing earnest money or waiving vital contingencies,” the article stated. This piece is part of a series emphasizing the essential role Realtors® play in real estate transactions. View the articles at: ksl.com/brandview/utah-real-estate.
In the News
The housing market remains tumultuous as fluctuating mortgage rates, rising inventory, and new commission rules create challenges for buyers, according to The Wall Street Journal. Rates dropped to a two-year low this summer but rebounded to nearly 7%, adding to affordability issues. Inventory has increased, but prices remain near record highs, and home sales are on track for their lowest level since 1995. New rules around real estate agent commissions, implemented after a landmark legal settlement, are further complicating the process. Buyers now often sign agreements outlining agent fees, and early data indicates these fees are declining. Many buyers and sellers are exploring alternatives, with some opting to navigate transactions without agents to save on costs.
Despite current hesitations, conditions could improve by 2025 if mortgage rates fall and price growth slows, as many experts predict. For now, the market is marked by uncertainty, with many buyers sitting out unless motivated by significant life changes, the article stated.
Real estate professionals report a growing number of unrepresented buyers and sellers negotiating lower fees, reflecting increasing consumer savviness in the changing market landscape.
Congratulations to the following individuals for being recognized as 2024 Distinguished Service Award Recipients by the Salt Lake Board of Realtors®
Judy Allen
Brock Andersen
Stephanie Poulos-Arrasi
John Baque
Jennifer Barber
Brett Butler
Greg Call
Leslie Clement
Natalie Gines
Suzette Hirst
Rob Ockey
Joan Pate
Donna Pozzuoli
Allison Reemsnyder
Linda Secrist
Sharon Spratley
Thank you for being irreplaceable members of our company as well as the real estate community.
2024 SERVICE AWARDS
REALTOR® OF THE YEAR
Kat Granderath
Kat is a distinguished real estate broker and educator, celebrated for her expertise in new construction, first-time home buyers, luxury properties, and relocation. With a career grounded in coaching and mentoring, Kat empowers agents to excel in client relationships and professional development. Her relentless pursuit of excellence drives her to consistently exceed goals and deliver exceptional results.
At the heart of Kat’s philosophy is a people-first approach, where trust and respect form the foundation of every relationship. She prioritizes authentic connections over transactions, dedicating herself to understanding each client’s unique needs. Kat ensures that every interaction is meaningful and impactful.
Rychen Jones, a Realtor® with Real Broker, highlights Kat’s ability to recognize qualities in others—both as real estate professionals and as individuals—that often go unnoticed.
“She has high expectations for herself and others, but she gives even more in return,” Rychen said. “Kat is unapologetically honest and direct when necessary, yet her deep investment in truly understanding people means she knows exactly when to offer support, when to give a push, and when to simply listen.”
Deeply committed to her community and the advancement of the real estate industry, Kat actively serves on various committees and boards. She has held leadership roles with the Salt Lake Board of Realtors® and the Utah Home Builders Association. Notably, she served as the 2020 President of the Women’s Council of Realtors® (WCR) and was honored as their Realtor® of the Year. Her community involvement extends to charitable initiatives, including Ronald McDonald House Charities, The House That SHE Built project, and Rock Out Hunger.
Over her career, Kat has reached significant milestones. As a licensed broker in Utah, she has facilitated over $150 million in real estate transactions since 2017 and has consistently ranked in the Realtor® Top 500 every year from 2017 to 2023.
Her professional credentials reflect her dedication to excellence, including designations such as ABR, AHWD, CLHMS, CRB, CRS, REALTOR e-PRO®, PMN, PSA, RENE, SRS, and SRES.
Before launching her real estate career, Kat spent 17 years as a sports rehabilitation therapist, working with Four Seasons Hotels and Resorts as well as private clients. She is married to Daniel Granderath, with whom she shares two daughters and two grandchildren. Her heritage proudly includes Sicilian, Irish, and Cherokee roots.
Guided by her motto, “Our foundation is built on education and experience; let our knowledge be your power,” and her tagline, “Live a Grand Life - Rooted in Real Estate,” Kat brings passion, expertise, and an unwavering commitment to achieving extraordinary results in every real estate journey.
SALT LAKE REALTORS
GOOD NEIGHBOR AWARD
Deea Hobbs
Since 2000, Deea Hobbs has volunteered her time with LasagnaLove.org, a national nonprofit organization that fosters kindness by delivering homemade lasagnas to individuals and families.
Hobbs prepares lasagnas in her own kitchen and personally delivers them to people in need. Her deliveries have ranged from neighbors in her community to recipients across the Salt Lake Valley and even as far as Price, Utah. The program isn’t limited to addressing food insecurity or financial hardship—there are no requirements for receiving a meal. Lasagnas are delivered to people living in everything from modest homes to million-dollar mansions.
As the regional director for Utah and Nevada, Hobbs oversees a network of more than 1,000 volunteers. Each volunteer prepares a lasagna in their own kitchen and delivers it to an assigned family.
Volunteer commitment varies, with some cooking once a week, others once a month, or even just once. Together, they deliver over 400 lasagnas each month across the two states. Nationwide, LasagnaLove.org has distributed approximately 500,000 lasagnas since its inception.
The organization was founded in 2020 by Rhiannon Menn, who began cooking and delivering meals to address food insecurity in her Hawaiian community during the COVID-19 pandemic. To volunteer or request a meal, visit LasagnaLove.org.
GOOD NEIGHBOR AWARD
Lacey Loop
Lacey Loop has dedicated her life to service, devoting her personal time to meaningful causes, including volunteering at St. Jude Children’s Research Hospital and the Ronald McDonald House. Her commitment to service extends to other organizations, such as Service Club, where she collaborates with junior high students to create jump ropes, blankets, toys, and knitted hats for the elderly, homeless, and children in need.
Loop also writes heartfelt notes of encouragement for cancer patients, which are distributed nationwide—a cause close to her heart. Her mother passed away from melanoma in 2003, inspiring Loop’s unwavering dedication to helping others.
“I give so much of my time because my mom gave so much of hers,” Loop shared. “I’m also deeply inspired by military members and the sacrifices they make. My grandfather served in World War II, and I believe that if they can give their service to ensure our freedom, I can give mine to show love and care for others.”
Lacey also formed the nonprofit Sisterhood of Strength, which raises and distributes funds to support up to three other charities each quarter. Donations can be made at sisterhoodsos.org.
AFFILIATE OF THE YEAR
Izabelle Reece
Izabelle Reece shines as a key figure in the Salt Lake Board of Realtors®, serving as the Affiliate Chair and contributing to the Government Affairs Committee, where she oversees events. A former member of the Young Professionals Network (YPN), Izabelle thrives on giving back to the real estate community in any way she can.
Her journey began in marketing with Nook and Kranny Home Inspections, where she discovered her passion for helping others succeed. Now at Ohana Title, Reece plays a pivotal role as a marketer, a position she proudly embraced when she helped launch the company in January 2023. She loves her team and treasures every opportunity to celebrate with buyers and sellers at closings, sharing in their milestones.
This year, Reece achieved a milestone of her own—buying her first home—an experience she considers a profound honor. Reece’s strength lies in her ability to connect people, forging relationships that help both Realtors® and affiliates grow their businesses. She takes pride in supporting clients and ensuring their success.
Known for her warmth, energy, and genuine kindness, Izabelle has become a beloved figure in the real estate world. Those who know her describe her as “the most kind, loving, and energizing person,” always ready with a helping hand and an infectious smile.
CECIL THOMPSON ADVOCACY AWARD
Matt Clewett
The Cecil Thompson Advocacy Award recognizes individuals who embody the spirit of a true Realtor® Champion. Named in honor of Cecil Thompson, who served as the Government Subcommittee Chair on Elections for over a decade, the award celebrates his legacy of service.
This year’s nominee, Matt Clewett, is a Utah State University graduate who currently serves as Vice President of Public Policy at the Salt Lake Board of Realtors®. Marcus Jessop, Government Affairs Director for the Salt Lake Board of Realtors®, describes Clewett as “one of the top Realtor® advocates in Utah.” Jessop highlighted Clewett’s significant achievements, including the development of a leading city data-tracking tool for housing in Salt Lake County and authoring influential policy guides, such as one advocating for real estate’s essential status during the COVID-19 pandemic. Jessop added humorously, “With his resume, you’d think he graduated from BYU instead of Utah State. I consider him a dear friend, mentor, and one of the sharpest political minds in Utah.”
Clewett’s wife, Bethany, offered a heartfelt tribute: “When my dad first met Matt, he skeptically said he seemed too perfect. After six years of marriage, I know he has flaws, but Matt is the most genuine, kind-hearted, and hardworking person I’ve ever known. He loves advocating for the SLBR and working alongside incredible colleagues.”
The ones
who serve
Congratulations to Our Distinguished Service Award Recipients
Recognized by the Salt Lake Board of Realtors, 2024
Laura
Kristel
At Summit Sotheby’s International Realty, we understand that every sales associate is as unique as the clients and properties they serve. That’s why we’ve built a full-service partnership model, offering support that ranges from world-class marketing to concierge level transaction management. Our goal? To empower you to focus on what you do
2024 DISTINGUISHED SERVICE AWARD
2024 DISTINGUISHED SERVICE AWARD
Americans Are Moving, But Not for a Job
Americans are flocking to Southern states for more affordable housing options and getting more home for their money.
By Melissa Dittman Tracey
A job change, which is typically a primary impetus for moving, is becoming less of a motivating factor for people to relocate—even as some companies call for employees to return to the office.
Recent home buyers say they were more motivated to move to be closer to friends and family or to find greater affordability, according to the National Association of REALTORS®’ newly released 2024 Migration Trends report.
“Being closer to family and friends has been growing in importance among home buyers since the onset of the pandemic,” said Matt Christopherson, the lead author of the report and NAR’s director of business and consumer research. “Perhaps the pandemic put things into perspective and buyers are prioritizing family more, but added mobility from remote work also allows this to occur.”
The South is drawing a large portion of relocating buyers, with the Carolinas, Florida and Texas being the “big winners,” NAR’s report said.
“Given the lack of affordability in today’s market, it’s no shock Americans are flocking to Southern states
for more affordable housing options and getting more home for their money,” Christopherson said. Further, “Texas and Florida have both seen more than 10% increases in job gains since the arrival of the COVID pandemic. With more affordable housing, lower taxes and strong job markets, Florida and Texas are highly desirable to America’s home buyers.”
People moving to the South and West are most likely coming from a different state while relocations in the Northeast are most likely to be people moving within the same state, NAR’s study finds.
Top 20 States Gaining More Residents
Southern and Midwestern states tend to offer greater housing affordability, which may explain their appeal to buyers. Case in point: NAR’s latest existing-home sales report shows that the median price is $361,200 in the South and $305,300 in the Midwest. Both are significantly lower than the $627,700 median price in the West and $472,900 in the Northeast.
These are the 20 states with the largest net migration, according to NAR’s analysis:
Forty-three percent of real estate pros say job relocation did not play a role in their client’s purchase decision, and only 2% say their clients moved because of their employer’s office policies, according to NAR’s report. Instead, agents reported a greater desire among their clients to seek more affordability and live closer to family and friends. Some home buyers also were
motivated to relocate for lower or more favorable taxes, particularly those who moved to the South.
“Home buyers are placing a priority on getting more bang for their buck, looking to areas with not only more space within their home but also favorable taxes,” said NAR Deputy Chief Economist Jessica Lautz. “This migration flow will likely continue as retirees and remote workers relocate.”
Real estate professionals also say their relocating clients were seeking specific homes that offered appealing outdoor space, additional square footage and a “quiet” location. Here’s a breakdown of top home preferences based on geographic region.
Notably, many relocators do not sell their previous home, NAR’s report shows. Twenty percent of relocating buyers say they kept their previous residence as an investment, rental or vacation property; this is most likely to occur with buyers moving to the West and Northeast.
Melissa Dittmann Tracey is a contributing editor for Realtor® Magazine and editor of the Styled, Staged & Sold blog. Reprinted from Realtor® Magazine Online, November 2024, with permission of the National Association of Realtors®. Copyright 2024. All rights reserved.
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US District Court Grants Final Approval of NAR Settlement
The settlement secures a release of liability for more than 1.4 million NAR members.
By The National Association of Realtors®
On Nov. 26, the U.S. District Court for the Western District of Missouri granted final approval of the National Association of Realtors®’ proposed settlement agreement to resolve class action claims related to broker commissions. The Court heard from all parties as well as objectors and the Department of Justice. Once arguments concluded, the Court quickly ruled to grant final approval. The Court is expected to soon issue a formal written order.
The settlement secures a release of liability for more than 1.4 million NAR members, all state/territorial and local Realtor® associations, Realtor® Multiple Listing Services (MLSs), NAR’s affiliate organizations and all brokerages with an NAR member as principal that had a residential transaction volume in 2022 of $2 billion or below. The settlement also releases MLSs and brokerages that chose to opt-in to the agreement.
“This is an important moment for NAR members, home buyers and sellers, and the real estate industry,” said NAR President Kevin Sears, broker-associate of Sears Real Estate/Lamacchia Realty in Springfield, Massachusetts. “As consumer champions, NAR’s members have been working tirelessly to implement the practice changes required by the settlement and shepherd consumers through this period of transition. The principles of transparency, competition and choice are core to the settlement agreement and empower real estate professionals and consumers to negotiate the services and compensation that work for them.”
NAR CEO Nykia Wright said, “NAR is committed to empowering Realtors® to help home buyers and sellers successfully navigate what is often the most important financial transaction of their lives. Today and every day, NAR is focused on demonstrating the importance of agents who are Realtors® in the marketplace, creating a
transparent and inclusive home buying and selling process, and advancing the right to real property for all.”
More information about the practice changes in the settlement agreement can be found at NAR Settlement FAQs. NAR members must adhere to the practice changes in good faith to maintain released status under the settlement agreement. NAR strongly opposes any attempts to circumvent the settlement.
Under the settlement, NAR will also pay $418 million over approximately four years to the settlement fund. Membership dues for 2025 will remain unchanged from 2024.
For complete information about the settlement and the approval order once available, please visit facts.realtor.
About the National Association of Realtors®
The National Association of Realtors® is America’s largest trade association, representing 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics. For free consumer guides about navigating the homebuying and selling transaction processes – from written buyer agreements to negotiating compensation – visit facts.realtor.
Izabelle Reece
Multiple Listing Services: 140 Years in the Making
Home listings on the MLS are the most trusted source for real estate data because their information is verified by real estate professionals.
By Eliana Block
Most consumers don’t know about one of the most powerful tools in real estate.
About 24% have a vague idea of the MLS acronym, slightly more think it means “Major League Soccer,” and 76% have “no idea” how the MLS benefits them, according to the Council of Multiple Listing Services
They’ll likely recognize any number of websites that show properties for sale, but they probably won’t know those platforms use data from multiple listing services around the country.
In the simplest terms, an MLS is a marketplace connecting agents working on behalf of sellers and buyers. MLSs are operated on the local and regional level across the country.
And while multiple listings services have become more robust and innovative over the years, the goal of connecting those looking to sell with those looking to buy has remained unchanged for nearly 140 years.
The Beginning
The San Diego Real Estate Board (today the San Diego Association of REALTORS®) is credited with creating the first multiple listings service in 1885.
“They had in their bylaws a clause: Each local office that was a member of the San Diego Real Estate Board was required to furnish every member with a list of all the properties that were for sale or had been sold or withdrawn from the market by 9 a.m. and 2 p.m. every business day,” Frederik Heller, NAR’s director of library operations and information strategy, said. “They would use runners to distribute lists to their members throughout the city.”
But the first description of a listing exchange didn’t appear until 1910 from Illinois’ Cook County Real Estate Board. At biweekly member meetings, listings were written on a large blackboard before being transferred onto cards and placed in a rack on the exchange wall. From there a weekly typewritten bulletin would go out to members.
“This system places in the hands of each board member the best offerings of every other member and secures wide co-operation in the disposal of properties,” the Cook County board wrote in the National Real Estate Journal over a century ago.
NAR 1911 President Samuel Thorpe called it the “only modern, sane and effective way of selling real estate.”
Over the next few years listing exchanges started popping up in big cities across the East and West coasts. By 1922, 50 boards out of about 470 operated an MLS, with new ones being established “at the rate of two boards per week,” the National Real Estate Journal said.
Many local boards began advertising the benefits of the system to consumers.
“They would say, when you list your property with this Realtor® and they use the MLS, then you’ll actually have ‘90 real estate offices and 400 salespeople working for you’ instead of just the one,” Heller said.
Technology Takeover
The addition of photographs forever changed the way brokers sold properties, with the first ones appearing on local New Jersey and Louisiana MLSs in 1925.
“That’s really when you start seeing the technology start to develop,” Heller said.
Over the next half a century, the use of technology exploded with the use of multilith machines printing listings with photos in the ’50s, the IBM punch card
sorting system and the first computerized MLS in the ’60s. While the computer revolution was underway, local associations compiled listings into books that were mailed or hand-delivered to MLS participants.
Real estate professionals were tech visionaries.
Eugene Konstant, with the executive office of the North Woodward Board of Realtors® in Michigan, predicted the use of video tours in1969:
“The day is not too distant when a photographer will walk up the front walk of a home with a video camera instead of a still camera, to photograph the approach, each room of the interior, and backyard landscaping. Your prospect will view the whole thing on videophones supplied by the phone company and a stop action button (similar to the hold button on your current phone) will stop the camera action while your prospect looks the interior of each room over carefully . . . in color . . . in three-dimension . . . a thousand miles away.”
Boards continued to embrace technology in the advancement of MLSs.
In 1981 NAR acquired the RISCO MLS software system, which was first used by the Greater Salem Board of Realtors® and which could handle multiple listing services as well as management and accounting tasks. Accessible by computer terminals located at board offices, the MLS software enabled brokers to
1911 NAR President Samuel S. Thorpe
quickly enter listing information and to filter available properties by certain criteria.
“It frequently took a week or more to get a new listing into the book, and even then the listing was not accessible on the basis of buyer limitations,” Larry Kesselring, manager of computer service for NAR, told Realtor® News in 1982. “The broker would have to go through his multiple listing book page by page to select homes meeting buyer specifications.”
CD-ROM players were viewed as a portable alternative to printed MLS books. Featured at the trade expo during an NAR meeting in 1994, the devices could be plugged into televisions and pocket-sized palmtop computers.
MLS Proliferation
Today, with the advent of the internet, MLSs have evolved into robust local and regional online databases that compile home listings from brokerages. NAR calls them the “most trusted source for real estate data because their information is verified by real estate professionals.” Real estate agents who are members of an MLS have access to information about properties that have sold or are for sale, including listing prices, addresses, features, disclosures and square footage. There are 532 residential multiple listing services operating across the country with millions of subscribers, according to Realtors Property Resource®.
That number doesn’t account for the millions of home sellers and buyers who rely upon and benefit from the MLS and its data.
In fact, browsing properties online was the first step in the house-hunting process for 43% of buyers in 2024, according to NAR data. Most buyers, 51%, found their homes through online searches, highlighting just how beneficial open access to MLS data has become for consumers. That’s especially true when combined with the expertise of real estate agents, whom buyers ranked as the most useful sources of information in the home search process.
Innovators continue to imagine what’s next for the future of MLSs. For example, as some brokerages expand their service areas and consumers require information beyond their local markets, MLSs are sharing data to create a better consumer experience, and as technology advances, MLSs will continue to offer new tools and insights.
One thing is for certain: Multiple listing services have forever transformed and improved the way houses are bought and sold in America by connecting sellers, buyers and agents.
Eliana Block is a business writer for Realtor® Magazine. She can be reached at eblock@nar.realtor.
Build Your 2025 Plan
Join us at our business planning class as we discuss proven success strategies for your business. RSVP using the QR: December 16th | 10:00AM - 4:00PM
Photograph by Purple Moss
Alicia Herrera, Nicole Bennett, Melanie Gourdin, Kendrick Martinez, Whitney Galvan, Tyler York, January Stark, Peri Eby, Julie Krushensky, Jenna Cullen, Jami Decker, Becky Hadlock
Increasing Home Sales for 2025 and 2026; Mortgage Rates to Stabilize at 6%
Household equity in real estate is at a record high.
By The National Association of Realtors®
The worst of the housing inventory shortage is coming to an end, mortgage rates are stabilizing and job additions are continuing, according to NAR Chief Economist Lawrence Yun.
Yun analyzed the current state of the U.S. residential real estate market and shared his 2025-2026 outlook during the Residential Economic Issues and Trends Forum at 2024 NAR NXT, The Realtor® Experience, in Boston, Massachusetts.
“Over the years, you see your past clients doing well, because they’re homeowners,” explained Yun. “There’s an intangible value that [Realtors®] provide.
“2024 has been a very difficult year on many fronts. We did not get the home sales recovery this year after an awful 2023.”
However, Yun explained that household equity in real estate is at a record high. This means there has been a huge increase in wealth for Realtors®’ past clients, to the tune of $35 trillion. Yun highlighted the glaring difference in estimated median net worth between homeowners ($415,000) and renters ($10,000) in 2024.
“Homeowners’ wealth steadily rises while renters’ wealth does not,” said Yun. “If you don’t enter the housing market, you are in the renter class where wealth is not being accumulated. If you want to participate in the housing market, the sooner you get in, the sooner you accumulate wealth.”
Yun also highlighted that the homeownership rate is much lower among younger Americans, and first-time home buyers are having trouble entering the market.
Yun pointed out that US job gains since the beginning of the COVID-19 pandemic (March 2020) have led to record-high payroll employment as of September 2024.
“When more people work, they have the capacity or they’re in a better position to buy a home,” stated Yun. Yun explained to the room of Realtors® that, “home sales depend mainly on jobs and mortgage rates.”
Regarding whether we are going to see an acceleration of job growth, Yun stated, “the stock market is very optimistic.”
Yun addressed mortgage rates during a second Donald Trump presidency, saying, “Mortgage rates in his first term (at 4%) were the good old days. Are we going to go back to 4%? Per my forecast, unfortunately, we will not. It’s more likely that we’ll go back to 6%. That will be the new normal, bouncing around 5.5%-6.5%.”
Yun said we can expect six-to-eight more interest rate cuts. He also gave advice to the chair of the Federal Reserve on when to make these cuts: “My advice to Jerome Powell: do it in January, rather than December.”
Yun expects there will be four different rounds of rate cuts in 2025. He also addressed the budget deficit.
“Today, we have a massive budget deficit at a time
when we are not in an economic recession,” explained Yun. “Clearly president-elect Trump will not stop tax cuts – he will extend or expand them.”
Yun added, “There will be less mortgage money available because the government is borrowing so much money. However, if the Trump administration can lay out a credible plan to reduce the budget deficit, then mortgage rates can move downward.” He also explained that another way to address the budget deficit is to bring down the price of housing.
“We have to have more supply,” said Yun. “Per our advocacy efforts, we’re trying everything we can to boost supply.”
Yun noted that 2023 was difficult for existing-home sales and 2024 looks to be the same. However, he flagged that we did get an increase in pending home sales in September and provided his forecast for existing-home sales.
“Maybe the worst is coming to an end,” added Yun. “Directionally, I think there’s going to be roughly a 10% boost of existing-home sales in 2025 and 2026.”
Yun projects new home sales to be 11% higher in 2025 and 8% higher in 2026. Yun forecasts the median home price to be 2% higher in both 2025 and 2026.
OCTOBER 2024
The Worst of the Sales Downturn May Be Over
Despite elevated mortgage rates, home sales across all housing types (single-family and multi-family) in the Salt Lake County area rose to 1,027 units sold in October, marking a 6% increase from 973 sales in October 2023.
“The worst of the downturn in home sales could be behind us, as increasing inventory is driving more transactions,” said Lawrence Yun, Chief Economist for the National Association of Realtors® (NAR). “Additional job gains and sustained economic growth are likely to fuel housing demand. However, for most first-time homebuyers, access to mortgage financing remains critical. While mortgage rates remain high, they are expected to stabilize.”
Yun is slated to be the keynote speaker at the 2025 Salt Lake Economic Forecast event, scheduled for Feb. 21 and sponsored by the Salt Lake Board of Realtors®.
Statewide, active listings on UtahRealEstate.com reached 10,107 as of Dec. 9, a 16% increase from 8,721 listings on the same date last year.
In Salt Lake County, the median price of all housing types sold in October was $538,000, a 4% increase from $519,500 a year earlier. Single-family home prices rose modestly to $605,000, a 1% increase from $600,000 in the previous year. Meanwhile, multi-family home prices saw a significant jump, climbing 10% to $441,000, compared to $400,000 a year ago.
First-time buyers accounted for 27% of sales in October, slightly up from 26% in September but down from 28% in October 2023. The NAR’s 2024 Profile of Home Buyers and Sellers, released earlier this month, revealed that the annual share of first-time buyers dropped to 24%, the lowest level ever recorded.
“The worst of the downturn in home sales could be over.”
Lawrence Yun
Chief Economist National Association of Realtors®
Salt Lake County
Pamela Abbott
Barton Allan
Judy Allen
Suzanne Allred
George Anastasopoulos
Brent Anderson
Clay Anderson
Diane Anderson
Kay Ashton
Sue Avalos
Margaret Averett
Laurence Bailess
Les Bailey
Brent Barnum
Veda Barrie-Weatherbee
Edward Belka
Ken Bell
Raymond Bennett
Richard C. Bennion
Steven Benton
Michael Black
Gregg Bohling
Russell Booth
Virginia Bostrum
Robert Bowles
Mary Ann Brady
Janet Brennan
Steve Brown
Stephen Bryant
Barbara Burt
Hedy Calabrese
Gregory Call
Tracey Cannon
Julie Carli
Carol Cetraro
Scott Chapman
Garn Christensen
Brian De Haan
Babs De Lay
Lynn Despain
Jerard Dinkelman
Darlene Dipo
Sally Domichel
Rebecca Duberow
James Dunn
Randy Eagar
Carol Edgmon
Douglas Edmunds
Michael Evertsen
Bijan Fakjrieh
Robert Farnsworth
Alan Ferguson
Jack Fisher
Gale Frandsen
David Frederickson
Howard Freiss
Brent Gardner
Heidi Gardner
Paul Gardner
Linda Geer
Sheila Gelman
J. Carolyn Gezon
Larry Gray
Richard Grow
D. Brent Gudgell
Klaire Gunn
James Haines
John Hamilton
Mark Handy
Grant Harrison
Stephen Haslam
Michael Hatch
Thomas Haycock
Bill Heiner
Gary Huntsman
Blake Ingram
Kent Ingram
Esther Israelson
Jackson Jensen
Kevin Jensen
Ron Jenson
Jeffrey Jonas
Steve Judd
David Kenney
Kay Kenyon
Henry Kesler
Douglas Knight
Peggy Knight
Wayne Knudsen
Karl Koenig
Randall Krantz
Leah Krueger
Kathryn Kunkel
Gary Larson
Teresa Larson
Vann Larson
Fred Law
Michael Lawrence
Clark Layton
Shauna Leake
Kaye LeCheminant
Daniel Lindberg
Michael Lindsay
Martin Lingwall
Mildred Llewelyn
Don Louie
Ted Makris
Margaret Malherbe
Al Mansell
David Mansell
Dennis Marchant
Russell McKague
Andrew McNeil
Margene Wrigley
Henry Youngstrom
Elizabeth Memmott
Uwe Michel
Gordon Milar
Kyle Miller
Preston Miller
David Moench
Richard Moffat
Gary Monk
H.Craig Moody
Randal Moore
Thomas Morgan
Thomas Mulock
Charles Mulford
Melanie Mumford
Jacqueline Nicholl
John Nielson
Michael Nielson
Robyn Nielson
Van Nielson
Victor Oishi
Joseph Olschewski
Brent Parsons
Joan Pate
Yvonne Pauls
Derk Pehrson
Douglas Pell
Robert Plumb
Noel Quinton
Helen Rappaport
David Read
Jerry Reed
George Richards
W. Kalmar Robbins
Jeff Sidwell
Kent Singleton
Debra Sjoblom
Elizabeth Smith
Kenneth Smith
Rick Smith
Skip Smith
Jeffrey Snelling
Lorenzo Spencer
Kenneth Sperling
Anna Grace Sperry
Robert Spicer
Trudi Stark
Lee Stern
Sandra Straley
Gary Strang
John Strasser
Kevin Strong
Thomas Swallow
Sonny Tangaro
Joan Taylor
Rosanne Terry
Martin Vander Veur
Craig Vierig
Peter Vietti
Hilea Walker
H. Blaine Walker
Richar dWalter
Dana Walton
Sally Ware
Jerry Webber
William Wegener
David Weissman
Jeffrey Wells
Wayne Whetman
Jeff White
Darlene Whitney-Morgan
Byron Christiansen
David Clark
Deborah Clark
Terry Cononelos
Jeffery Cook
Philip Craig
Dan Davis
Robert Davis
Jeffrey Helotes
Marvin Hendrickson
Terry Hill-Black
Lynda Hobson
Ted Holmberg
Sheryl Holmes
Rhys Horman
Carol Howell
Susan Mark-Lunde
Paul Markosian
Ronnald Marshall
Susie Martindale
Christopher McCandless
Curtis McDougal
Miriam McFadden
John McGee
Stan Rock
Emilie Rogan
John Romney
Marie Rosol
Christopher Ross
David Sampson
Mark Schneggenburger
Gary Shiner
Clayton Wilkinson
Thomas Wilkinson
Kimball Willey
Douglass Winder
Robert Wiskirchen
James Witherspoon
Linda Wolcott
Cynthia Wood
THE ANDRUS FAMILY
Susan C.S.Tech
HOMETOWN:
Provo, Utah
WHAT DO YOU LOVE MOST ABOUT D.R. HORTON?
(Susan) What we love the most about D.R. Horton, is that the company provides great opportunities for homeowners, trade partners and employees. We go above and beyond to “do the right thing.” Our homes are built with pride, and we receive great satisfaction from taking care of our homeowners. Strategic business practices keep us building and selling even when economic factors prove challenging. We value our trade partners and employees. Continued success allows opportunities with and within D.R. Horton.
Dave (far Left) is the Chief Operating Officer for D.R. Horton, Utah Division, and is excited to have family members Susan (sister), Gretchen (niece), and Mike (brother), working with him at a company where family is first.
Dave C.O.O.
Gretchen Field Asst. Mike Project Manager
We're proud to celebrate alongside our Windermere agents who are receiving the Realtor® Distinguished Service Award for 2024.
