Salt Lake County home sales fall for the fifth consecutive month
Sandy — Home sales in Salt Lake County in October fell 21 percent compared to sales in October 2020, according to UtahRealEstate.com. It was the fifth consecutive month of falling sales year over year.
Despite the recent slowdown, home sales from January through October were down just 7 percent compared to the same 10-month period in 2020. This year is on track to be one of the top five years for sales. Salt Lake home sales reached a high in 2020 when more than 19,200 homes were sold.
The median sold price of all homes sold in October climbed to $477,000, up 23 percent compared to the median price of $387,750 in October 2020. The median price of a single-family home was $542,250, up 24 percent year over year. Multifamily home prices increased to $394,200, up 23 percent year over year.
“Higher prices and limited inventory have slowed sales,” says Matt Ulrich, president of the Salt Lake Board of Realtors®. “While sales have recently slowed, multiple offers are commonplace on most properties. Home prices continue to rise.”
A typical home in Salt Lake County sold in just eight days in October, the same number of days in October 2020. Total sales volume in October increased to $822.5 million, down 3 percent from $850.9 million in October 2020.
New listings for the month increased to 2,043, up 5 percent compared to 1,944 new listings in October 2020. Under-contract listings in October – listings where a seller has accepted an offer on the property, but the sale is not final – dropped to 2,376, down 20 percent from 2,985 under contract listings the same month last year.
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.
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