Home sales data for the second quarter 2008 is now available. The median single-family Salt Lake County home price was $249,000, which when compared to the same quarter in 2007 ($255,000) is a 2.41% drop. Condominium prices also saw a small drop in price going from $173,950 to $172,600. The prices are coming under pressure because of the increased inventory that is being created by fewer homes being sold, in fact the numbers of single family homes sold declined 27.83% to 2587 homes. There is some good news for Salt Lake County, the number of homes sold has now increased for four straight months, which maybe a sign that at least as far as the number of homes sold the market has seen the bottom.
The Salt Lake County housing market seems to be seems to be split into three, under $250,000 is moving well, $250,000 to $500,000 is slow, and over $500,000 is really slow.