From Deseret News archives:
Wasatch Front home sales plummet
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.
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
