|
Utah home sales drop 28 percent in second quarter
SALT LAKE CITY -- The housing market along the Wasatch Front is slowing, but prices are not following the downward trend.
The Salt Lake Board of Realtors says home sales in the second quarter dropped 28 percent compared to the second quarter of 2007. Home prices are also down, but not nearly as much as the sales drop.
"This year's sales are down compared to last year, but we are cautiously optimistic going forward that home sales will continue to gain momentum as they have since the end of January," said Jillinda Bowers, president of the Salt Lake Board of Realtors.
In Salt Lake County, the median price for a home fell about 1.6 percent and in Davis County it was 1.75 percent. Utah and Weber counties saw median prices dip around 4 percent.
Kelly Matthews, an economist with Wells Fargo, said prices may continue to drop.
"We're only part of the way through the adjustment period," he said. "There has to be still some further price reduction over the remainder of this year."
The median sales price of single-family homes sold in Salt Lake County during the second quarter of 2008 increased 3 percent to $249,900, compared with a median sales price of $242,000 during the first three months of the year. However, the median sales price dropped 1.61 percent from the second quarter of 2007.
Agents say the biggest drops have been in the highest-priced homes.
According to the report from the Board of Realtors, Kaysville's medial sales price fell 23.2 percent from a year ago to $266,500. In Alpine, the media price was down almost 27 percent.
|
