The number of single-family homes sold in Salt Lake County during the first quarter was flat. For the three-month period, more people purchased single-family homes in the Clearfield ZIP code 84015 in Davis County during the first quarter than any other area along the Wasatch Front. The South Jordan ZIP code of 84095 ranked second, with the Lehi ZIP code of 84043 ranked No. 3.
Condominium sales in the Salt Lake area also showed gains, rising 18 percent year-over-year. The median condominium price increased to $155,000, up 9 percent compared to $142,000 a year ago.
“We continue to see interest rates at or near historic lows,” said Kim Casaday, president of the residential lending division at Zions Bank. “At this point in time, the thought is that rates are going to stay at their current levels for some time.”
The combination of low interest rates and reduced inventory may help push the market forward in the coming months, she said.
“As other conditions in the economy start to improve, that is when you are going to see discussions about interest rates increasing,” Casaday said. “But the forecast for 2013 is that rates will stay at this level or near.”
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