Published October 2, 2026 in Market Update

Higher rates are slowing deals more than prices in Holladay

By Connie Roller

Real estate, Holladay

CNBC reported the average 30-year mortgage rate hit 7.30% as of September 30, 2026. That number matters more than almost anything else right now. A higher rate shrinks what buyers can afford, even when prices stay steady.

These numbers cover the three months ending July 31, 2026. Across both Holladay ZIP codes, the Real Estate Data Aggregator counted 154 homes sold, down 14% from the same period a year before. More homes are sitting on the market, and fewer buyers are getting to the finish line.

Nationally, Realtor.com reported that price cuts hit 20.8% of listings in September, the highest share since October 2022. Holladay prices have not fallen that way, but fewer bidding wars tells a similar story about buyer hesitation.

The two ZIP codes tell different stories

ZIP 84117 and ZIP 84124 sit side by side, but they are moving at different speeds right now.

In ZIP 84117, the Real Estate Data Aggregator counted 78 homes sold, down 22% from a year before. That is a real drop. Homes for sale there rose 39.8%, so buyers have more choices. The median sale price still climbed to $722,628, up 6.4%. Prices held, but the pool of buyers who could close shrank.

In ZIP 84124, the Real Estate Data Aggregator counted 76 homes sold, down only 3.8%. Homes for sale there actually fell 19.1%, so supply stayed tighter. The median sale price reached $823,000, up 0.7%. Pending sales in 84124 rose 6%, which is a small sign of steadiness.

Buyers are slower to commit

In ZIP 84117, the Real Estate Data Aggregator found that 33.3% of homes went under contract within two weeks of listing. That is down 3.5 points from a year before. In ZIP 84124, 42.3% went under contract that fast, down 9.9 points. Fewer homes are snapping up quickly in both areas.

CNBC also noted that the Mortgage News Daily survey put rates as high as 7.58% on one day in late September. At that level, the monthly payment on an $800,000 home is a lot higher than it was two years ago. That is the real hurdle many buyers are facing.

Prices are still close to list

Not every piece of news is slow. Homes that did sell closed near their asking price. The Real Estate Data Aggregator put the average sale-to-list ratio at 98.4% in ZIP 84117 and 98.7% in ZIP 84124. Sellers who priced well still got close to what they asked.

The Federal Housing Finance Agency reported that U.S. house prices rose 2.6% from July 2025 to July 2026. Holladay's price gains in 84117 outpaced that national number. In 84124, the gain was smaller at 0.7%, but prices still moved up.

One more thing worth knowing: one street can read very differently from the whole ZIP code. The numbers above cover thousands of homes. Yours is one of them, and its story may not match the average.