Tariffs may increase Utah housing prices by $10,000

Experts are warning that the housing market in the U.S. is facing challenges due to recent tariffs from the government. These tariffs affect materials imported from Canada, Mexico, and China, which are commonly used in home construction. Real estate agent Michael Wolters has been in the industry for over ten years. He describes the tariffs as "another punch to buyers." The cost of essential materials like lumber will likely rise. Wolters explains that builders will not absorb these increased costs, and buyers may feel the impact when prices go up. Currently, many builders have already purchased lumber at previous prices. However, Wolters predicts that the true effects of the tariffs will be felt later, with increases potentially reaching $10,000 per home for new builds and renovations. In addition to the tariffs on building materials, Walters notes that China has also imposed tariffs on U.S. agricultural goods. This move could raise prices for farm products like apples and corn. Higher food costs may affect buyers' budgets, making it more difficult for them to afford homes. Despite these economic difficulties, the Salt Lake City housing market remains active. Homes are still selling, and their values are increasing. Wolters believes this is encouraging news for sellers, even as buyers navigate these challenging conditions. The market continues to show resilience in the face of external pressures.