Home prices for the first quarter 2008 are out, Salt Lake Home Prices. For the first time in a long time, more zip codes went down in value than increased in value. The average home price for Salt Lake County is now $287,119, which is a 0.33% increase from last years average home price of $286,170. That’s not too bad given the rest of the U.S. market. What’s worrying are the days on market and number of homes sold figures. In the first quarter 2008 DOM was 58, that’s an increase of 45% and there were 1820 homes sold, which is a decrease of 42.82%.
If you compare current home prices against the third quarter 2007 (this was the high point in prices), you see a larger decline. The average home price in the third quarter 2007 was $309,876, which means prices have declined 7.34%.