Sandy — Fewer listings and higher home prices slowed home sales for the month of July in Salt Lake County.

In July, there were 1,602 overall homes sold – including single-family, condominiums, townhouses, mobile, and recreational – down 25 percent from 2,131 sales in July 2020, according to UtahRealEstate.com. July 2020 set a record for the most homes sold in a single month.

Home sales were also down by double-digit percentages in Utah, Davis, and Weber counties.

July was the second consecutive month of falling home sales in Salt Lake County year over year. In June, overall home sales fell 8 percent compared to June 2020.

“Home sales in July were down 6 percent compared to the five-year July sales average, 2015 through 2019, excluding July 2020, which was an outlier,” says Matt Ulrich, president of the Salt Lake Board of Realtors®. “Multiple offers have slowed but the Salt Lake housing market remains very competitive. Instead of 30 or 40 offers on a listing, there are now usually five to 10 offers on a home.”

In Salt Lake County, the median price of all housing types in July was $475,000, up 24 percent from $383,000 a year ago. The median price of a single-family home increased to $550,306, up 28 percent from $430,000 in July 2020. The median price of a multifamily home reached $380,000, up 27 percent from $299,950 last year.

In Salt Lake County, the median price per square foot was $225.09, up 28 percent from $176.13 per square foot a year ago.

The typical Salt Lake home was on the market just six days before it sold in July, down from 12 days in July 2020. New listings in July fell to 1,992, down 2 percent from 2,036 listings in July 2020.

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. The Salt Lake Board of Realtors® is the largest shareholder of UtahRealEstate.com, one of the leading Multiple Listing Services (MLS) in the United States. Since 1917, the Salt Lake Board of Realtors® has been a leader in promoting homeownership and protecting private property rights. The Salt Lake Board of Realtors® empowers its members to better serve the public by providing continuing education, advocacy, and a professional code of ethics.

About UtahRealEstate.com

UtahRealEstate.com is where real estate listings originate, and it is the official property information platform for real estate professionals in the state of Utah. We proudly serve approximately 96 percent of all Realtors® in the state of Utah, according to T3 Sixty 2021 Real Estate Almanac. UtahRealEstate.com operates one of the largest Multiple Listing Services (MLS) in the United States.