Salt Lake County home sales fall 38%

The board reported that the 30-year fixed-rate mortgage averaged 5.14 percent last week, down from the prior week's average of 5.19 percent — and almost a full percentage point lower than the same time a year ago when the average rate was 6.17 percent.

In addition to fewer sales, the median cumulative days on the market to sell a home in Salt Lake County rose to 90 days in November, up from 57 days in November 2007, the release said.

In a statement, Gary Cannon, past president of the Salt Lake Board of Realtors, suggested that first-time buyers purchase properties that are "within their means."

"We may not see interest rates this low again," he said.

He added that sellers who do not have to sell their houses right now should avoid putting them on the market because of the stiff competition that is already "for sale."

"Depending on your price range," Cannon said. "If you are competing with a bank foreclosure, you will lose."

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