I think for an area to have extreme housing prices its got to have 3 components:

1. Great jobs, Utah is starting to really become a tech/business hub. With the growing technology sector there's all of a sudden a lot of Billion dollar companies in Utah to work for. Utah's economy is crushing it, that brings people to live here but also pays those who live here well both of which raise housing prices.

2. Has limited places to live. Coastal towns have obvious restrictions on where you can live because of the water. There's only a limited amount of places to live within an hour drive of San Francisco, and as all of possible living places filled up it caused prices to really skyrocket. Many outside of Utah don't realize that Utah has this same thing happening. Because of how much of Utah is federally owned there's actually very limited places where somebody can build/live. There's not as many areas where people can live within an hour of Lehi,Salt Lake, Provo and those places are almost all full. 15, 10 heck even 5 years ago if you hiked up the mountains looking over the valley you'd see plenty of open fields (western salt lake county, Vineyard, Saratoga) , if you have done this lately you will notice that there's almost no open fields anymore, the Valleys are literally filling up.

3. Is a place that people want to live, the beauty of the coasts and the temperate weather is always a natural pull for people to move to the coasts. Utah while it does have its natural beauty has a different pull and reason that has people continue to want to move there. The Church and its culture will continue to be a reason that draws people to Utah. Members like moving to Utah (plus its a place they usually have connections), also nonmembers like moving to Utah for its conservative values and relative safety.

These three things lead to believe that Utah housing prices will continue to rise at a rate much higher then the rest of the country.