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SALT LAKE BOARD OF REALTORS REPORTS SLOWER HOME SALES, RISING PRICES
Sandy – Sales of single-family homes slowed to single-digit gains in the third quarter of this year, as higher home prices and rising mortgage interest rates pushed some buyers out of the market.
In the three-month period that ended Sept. 30, nearly 3,300 single-family homes were sold by Realtors, a 6-percent increase, compared to 3,100 home sales in the third quarter of 2012. In previous quarters, home sales in the Salt Lake area showed double-digit increases.
The median single-family home price in the third quarter in Salt Lake County climbed to $255,000, a 17-percent jump compared to a median price of $218,000 last year during the same quarter. While overall home prices were up, some ZIP code areas showed house price declines. Those areas included: Sandy down 2 percent; North Salt down 4 percent; American Fork down 11 percent and Orem down 1 percent.
“Today’s median home prices are near the same level they were in the summer of 2007,” said Dave Frederickson, president of the Salt Lake Board of Realtors. “The higher home prices, coupled with slightly higher mortgage interest rates, have slowed existing home sales. Since the first quarter of 2012, when home prices bottomed, the median single-family home price in Salt Lake County has climbed 34 percent. This run-up in home prices over the past 21 months is unsustainable. That is why we are beginning to see a fall in home prices in a handful of selected areas.”
The median price of single-family homes sold across the Wasatch Front (Salt Lake, Davis, Utah, Weber and Tooele counties) in the third quarter was $232,500, a 15-percent increase compared to the third quarter in 2012. Sales of single-family homes were up 8 percent along the Wasatch Front in the same quarter.