Salt Lake Sees Decline in Q2 Home Sales

SANDY, Utah (Jul. 30, 2014) – Sales of single-family homes in Salt Lake County fell 9 percent in the second quarter (year-over-year) to 3,298 units sold, down from 3,626 units sold in the second quarter of 2013, according to the Salt Lake Board of Realtors®. In the first six months of 2014 home sales dropped 7 percent compared to the first half of 2013.

Other Wasatch Front counties that experienced falling home sales included: Davis County (down 9 percent); and Utah County (down 6 percent).

“Less inventory and rising home prices have caused some home buyers to pull back or not qualify for a mortgage,” said Angie Domichel Nelden, president of the Salt Lake Board of Realtors®. “Slowing sales are having an effect on home prices, which increased less than 2 percent in the second quarter.”

Home sales fell in most Salt Lake County cities including: Draper, down 14 percent; Herriman, down 21 percent; Magna, down 16 percent; Riverton, down 10 percent; Sandy (84092) down 17 percent; South Jordan, down 12 percent; and Sugar House (84105) down 10 percent.

In the second quarter the median home price increased to $254,000, a 2 percent rise compared to a median price of $249,900 in the second quarter of 2013.

Sales of condominiums in Salt Lake County climbed to 827 in the second quarter, an increase of 3 percent compared to 802 sales in the second quarter of 2013. During the same period, the median condo price in Salt Lake County climbed to $174,900, up 3 percent compared to a median price of $170,000.

New listings increased to 6,584 homes in the second quarter, up 1 percent compared to 6,489 new listings a year ago.

About the Salt Lake Board of REALTORS®
The Salt Lake Board of REALTORS® is the Wasatch Front’s voice of real estate and the No. 1 source for housing market information. Established in 1917, the Salt Lake Board of REALTORS® is a leader in protecting private property rights. As Utah’s largest real estate trade association, the Salt Lake Board of REALTORS® assists its members to better serve the public through continuing education, advocacy and a professional code of ethics.