Home prices along the Wasatch Front are following a national trend: they're going down.
Home prices are down 4 percent in Salt Lake County from a year ago at this time. The median selling price is now $243,000.
Some pockets saw huge swings. The zip code 84117 in Holladay, for example, saw prices drop from $388,000 to $300,000 from a year ago.
Salt Lake Board of Realtors President Jillinda Bowers says a lot of the speculation and subprime lending that drove prices up is now gone.
"We just needed to re-adjust and narrow that gap between affordability and what people are earning," she said. She said we are seeing prices more like those from 2006 right now.
"Buyers aren't buying out of emotion right now. They are not driving by and saying, 'Oh, that's a darling house; I want it.' They are looking for a good deal," she said.
Utah County has been hit hard. Home prices there are down 6 percent. Davis County also saw a 4 percent decline.
Tooele County, however, saw a 1 percent increase in the median selling price. Some areas of Weber County also saw increases over the last year.
"While overall sales were down across Salt Lake County, some areas saw sales surge," Bowers said. "The Canyon Rim area saw sales climb 28.9 percent. In Herriman sales were up 18.2 percent. And West Valley City reported an 11.3 percent increase in single-family home sales."
The average cumulative days on the market to sell homes and condominiums increased to 108 days in the third quarter, up from 51 days in the third quarter of 2007.
E-mail: mrichards@ksl.com
News |
Weather
Traffic |
TV
Sports
Opinion |
Radio |
Classifieds
Announcements
Events
Movies |
Advertise with KSL
Other Resources
Wireless
Legal
Sister Sites
|