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Wasatch Front home sales surge in first half of 2020

Sandy— The Coronavirus economic shutdown sent home sales tumbling in April and May, but the downturn appears short lived, as buyers rush to take advantage of record-low mortgage interest rates.

“Utah is one of the top real estate markets in the nation,” said Alicia Holdaway, president of the Salt Lake Board of Realtors®. “Because of the pandemic, the spring home buying season was delayed to the summer months. Many people are moving to Utah for its strong economy and amazing quality of life.”

There were 18,529 homes sales (single family, condominiums, townhomes, recreational) across the Wasatch Front in the first half of 2020, just 2 percent fewer sales compared to the same six-month period in 2019. Home sales in the first half of this year were the third highest on record for a January-through-June period.

The median price of all Wasatch Front homes sold in the first half of 2020 climbed to $343,500, up 7 percent from a median price of $320,000 in the same period last year. Salt Lake County posted the highest median home price at $365,000 (all housing types). Single-family homes in Salt Lake County had a median price of $406,960 in the first half of 2020. Weber County had the lowest median home price at $272,500 (all housing types).

The top five Wasatch Front ZIP Code areas that had the highest median single-family home prices in the second quarter included: 1. Emigration, 84108, $725,000; 2. Avenues, 84103, $687,500; 3. Alpine, 84004, $682,500; 4. Eden, 84310, $604,000; 5. Draper, 84020, $600,000.

Roughly eight in 10 homes (82 percent) sold during the first six months of 2020 were priced below $450,000. In the first half of 2020, Wasatch Front homes were on the market a median of 19 days before selling, down from 21 days in the same period in 2019.

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. Established in 1917, the Salt Lake Board of Realtors® is a leader in protecting private property rights. As Utah’s largest real estate trade association, the Salt Lake Board of Realtors® assists its members to better serve the public through continuing education, advocacy and a professional code of ethics.