National vs Local Real Estate News
National Real Estate News
Salt Lake City Mid Year Housing Report
The price of a median single-family home in Salt Lake County increased 5 percent in the first half of 2014 (year-over-year) to $252,000 (preliminary figures), reaching nearly the same median sales price as in the summer of 2007 -- before the start of the Great Recession ($255,000).
Since the first quarter of 2012 (when home prices bottomed at a median price of $190,000) the median single-family home price in Salt Lake County has climbed nearly 30 percent.
Home sales in Salt Lake County in the first half of 2014 fell 11 percent to 5,222 units sold. That's more than 600 fewer homes sold compared to the first six months of 2013. The recent slide in home sales began in the fourth quarter of 2013, when sales slid 5 percent (year-over-year). This shows the lack of available inventory for sale in the market - keeping prices moving upward.
**Data gathered from Salt Lake Board of Realtors and RE/MAX National Housing Report - Volume 70.
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