Wasatch Front home sales plummet

Published: Tuesday, Nov. 25, 2008 12:10 a.m. MST
 |  E-MAIL | PRINT | FONT + - 
Existing home sales along the Wasatch Front fell sharply last month compared with a year ago, bucking the trend of the Western region, which overall saw a rise in sales, according to figures released Monday.

The volume of homes sold decreased 16.5 percent from October 2007 to October 2008 in the area composed of four Wasatch Front counties — Salt Lake Davis, Utah and Weber, according to data from the Utah Association of Realtors and the Salt Lake Board of Realtors. Sales in the area declined 17.9 percent from September 2008 to October 2008.

In Salt Lake County alone, home sales dropped 19.4 percent from October 2007 to October 2008, the Salt Lake Board of Realtors said. In October 2008, 822 single-family homes and condominiums were sold, compared with 1,020 properties in October 2007. October 2008 sales were down 20.7 percent from the 1,036 sales in September.

The Salt Lake County median sales price in October was $228,450, down slightly from the median of $230,000 in October 2007, but up 3.7 percent from $220,375 in September.

Sales of existing homes in Davis County fell 17.8 percent from October 2007 to October 2008, and 7.1 percent from September to October. The median sales price was $217,000, virtually the same as the $216,900 median sales price in October 2007, but up 6.5 percent from last month at $203,000.

Story continues below
In Utah County, sales were flat from October 2007 to October 2008 but dropped 19.7 percent from September to October of this year. The median sales price in October was $219,000, down 2.7 percent from $225,000 in October 2007, but up 5.5 percent from the median sale price of $207,500 in September 2008.

Existing-home sales in Weber County fell 23.5 percent from October 2007 to Oct. 2008, and 14.7 percent from September to October. The median sales price of $169,900 in October was a 4.8 percent hike from $162,055 in October 2007, and a 4.6 percent increase from $162,500 in September 2008.

The Wasatch Front figures were in stark contrast to sales in other Western states. Sales of existing homes jumped dramatically in the Western region in October as buyers scooped up deals on foreclosed homes and other bargains, according to two reports Monday.

About 104,000 existing homes and condos were sold last month in the 13-state region. Without adjusting for seasonal factors, sales were up almost 41 percent from the same month last year and up by about 6 percent from September's total, according to the National Association of Realtors. Sharply discounted foreclosures made up a large portion of overall sales.


E-mail: jlee@desnews.com

Recent comments

Real home prices in Utah have plunged in the past 18 months and will...

Home Prices Falling | Nov. 25, 2008 at 12:36 p.m.

This market looks a lot like the market did a few years ago. Isn't...

Relax people. | Nov. 25, 2008 at 12:24 p.m.

I'm 37 years old and OUT OF DEBT. Married, four kids, and have lived...

Out of debt | Nov. 25, 2008 at 12:19 p.m.

previousnext

Latest comments

Sounds like a good option if you can't or won't switch to AT&T for the...

I worked with and around Bill Sederburg for 5 years while he was at...

Price injured; Miles has cast removed

hand. He needs to work on his moves to the basket and rebounding. Lateral...

Jazz blow big lead, hang on

play Fez or Koufos tonight. He went with a smaller line up and Boozer, Okur...

I've met Bennett before and he is a nice man. He also knows the Constitution...

Thousands protest health bill

That's never been a secret. Everyone will pay for it except those that don't...

What exactly were Nephite interpreters?

I agree with NonMormon. I am active LDS, and I enjoy Ash's articles, and I...

I kept saying don't resign Milsap, especially after Portland offered that...

U. hopes to keep clicking

BYU is the slowest team that has ever been in the top 25. Utah will put up a...

NFL: Midseason grades

i think u have the cowboys ranked too low! at least an A- LOL nice work!

Advertisements
Advertisement