here in Utah. We still have a growing economy and high income due to the strong business climate and Silicon Slopes. When there is such a supply shortage, even with rates what they are, prices likely won't drop. There are creative measures in place, like a Davis County 50,000 zero payment grant loan, Utah Housing and more.

You're right about the Tbills keeping pressure on rates though, but they will probably settle in the 5.5% range long term and that is enough to allow most to buy if they are judicious and wise money managers. Entry level homes in Davis County can be found in the 400s and even new homes in the low 500s. People definitely need to rely on creative purchasing, like seller finance, mortgage assumptions, "house hacking" or buying homes where they can "force" appreciation by purchasing homes that have older kitchens and could use updating.