Housing prices in northern Utah stabilizing

In Salt Lake County, the new median asking price for a house is $279,500, an increase of 34.1 percent over the same period last year. Utah County reported a 37.1 percent increase in the median asking price, to $275,000. Davis County followed, increasing 23.7 percent to a median asking price of $159,900.

Looking ahead, both Sjoblom and Cannon say they're optimistic.

"They're still predicting that we'll see double-digits this year," Sjoblom said, speaking of growth. "I don't think we'll see 19 percent, but I think we'll see low double digits."

Cannon listed in rapid-fire succession the reasons why.

"We are still in the top five in job growth in the country, and we are one of the lowest in the country in the unemployment rate at two full percentage points below the national rate," he said. "We lead the country in the birth rate and are second to the lowest in the country in the death rate. We saw the fastest population growth in the state's history in 2005, and in-migration accounted for 52 percent of our growth rate.

"It's still a great time to sell. Interest rates are in the 6 percent range. We are optimistic. We're going to see a continuation of stabilization in prices until the demand for lots goes down. We've got a lot of inventory right now, a lot of vacant lots sitting there. Until that goes down, I think we're going to be stable for a while."

The Salt Lake Board of Realtors report is made in conjunction with the Wasatch Front Regional Multiple Listing Service. The report tracks the median sales of existing and newly constructed homes listed through a real estate agent.

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