Salt Lake County Home Sales Up 6% in Q3

hamilton-zanze December 09, 2013

Due to rising mortgage rates and home prices, single-family home sales in Salt Lake County increased just 6% annually in the third quarter of 2013, according to the Salt Lake Board of Realtors. Sales totaled 3,300 in from July to September, up from 3,100 compared to the same span in 2012.

The median single-family home price increased 17% to $255,000 in the third quarter (up from $218,000 in Q3 2012). However, several ZIP codes saw prices fall, including Sandy, North Salt, American Fork, and Orem. Dave Frederickson, president of the Board of Realtors, explained these declines: “Since the first quarter of 2012, when home prices bottomed, the median single-family home price in Salt Lake County has climbed 34%. 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.”