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Mixed news in Utah Real estate: Existing home sales are on the rebound but still down from a year ago. At the same time, property values in Salt Lake County are holding their own.
Property values are up in Salt Lake County. That may sound contrary to news of dropping home prices, but county assessor Lee Gardner says property values, which were released this week, reflect overall housing market trends.
Gardner says the average home price rose from more than $255,000 last year to just over $268,000 this year. Upper-end homes appreciated most, and properties in Herriman and Riverton declined.
So why the increase even though home prices are dropping? "Even though taxpayers receive their tax valuation notices this time of the year, we have to determine the values as of Jan. 1," Gardner explained. "Values as of this Jan. 1 are still above values as of Jan. 1, 2007."
At the same time existing home values appear to be staying healthy, it also appears existing home sales are healthy.
Compared to this time last year, existing second-quarter home sales in Salt Lake County are down quite a bit: 28 percent. However, from the first of the year when the dip was the lowest, sales are up 39 percent.
That upward trend is similar in most of the state -- something real estate agents consider good news.
"Last year, anyone could get a loan. You didn't have to have any money down, and we had a lot of speculators. So, we feel positive, cautiously positive, that the trend is up," said Jillinda Bowers, president of the Salt Lake Board of Realtors.
Still, the market is slow for new construction home sales. But cycles are typical, and there are lots of people hoping the cycle up continues.
E-mail: rpiatt@ksl.com
