Prices Rise, Sales Down

SANDY, Utah (Oct. 29, 2014) – Sales of single-family homes in Salt Lake County fell 3 percent in the third quarter (year-over-year) to 3,251 units sold, down from 3,353 units sold in the third quarter of 2013, according to the Salt Lake Board of Realtors® Quarterly Housing Report. In the first nine months of 2014 single-family home sales dropped 5 percent compared to the first nine months of 2013.

Unlike Salt Lake County, other adjacent counties saw a rise in home sales (year-over-year): Davis County (up 10 percent); Tooele County (up 9 percent); Utah County (up 2 percent); and Weber County (up 10 percent).

“The slowdown in home sales in Salt Lake County is tied to the area’s higher median home price,” said Angie Domichel Nelden, president of the Salt Lake Board of Realtors®. “Salt Lake County’s median home price in the third quarter was $257,000, considerably higher than Davis or Utah counties where the median home price was $230,000 and $243,000 respectively.”

In the third quarter the median Salt Lake single-family home price increased to $257,000, a 1 percent rise compared to a median price of $255,000 in the third quarter of 2013. Many ZIP codes in the Salt Lake area continued to see modest home price increases. However, there were exceptions. Midvale (84047) saw its home prices fall 2 percent. West Jordan (84081) was down 4 percent. Murray (84107) showed a price decline of 19 percent. Holladay (84117) house prices fell 17 percent.

Sales of condominiums in Salt Lake County fell 13 percent in the third quarter. The median condo price in Salt Lake County climbed to $176,000, up 4 percent compared to a median price of $169,500 last year.

New listings fell 1 percent to 6,060 homes in the third quarter, down from 6,120 listings in the third quarter of 2013.