Home prices in Salt Lake County, Utah County, Tooele County and Davis County struggled in the third quarter 2008. The depressed real estate market continued to struggle under the weight of an ailing U.S. economy and tighter lending requirements.
Single-family Salt Lake County home prices declined 3.75% in the third quarter, with the median home price falling to $243,500. The number of homes sold dropped 11.17%, with 2472 homes being sold. Condominium prices were slightly better, but still experienced a fall of 1.16%. The number of condos sold also dropped, falling 12.75% to 643.
Utah County saw the largest fall of all four counties, with the single-family median home price falling 6.12% to $230,000, and the number of homes sold falling 4.66% to 1044. The Utah County condominium market also experienced declines, with the median home price for a condo falling 5.95% to $157,069. The number of condos sold saw a large drop of 35.34%, to 236.
Home prices in Davis County fell 4.34%, with the new median home price for a single-family home now being $220,000. The number of homes sold fell by 16.65% with 811 homes sold. The condo median home price mostly remained unchanged, with only a slight decline of 0.71%. The number of condos sold actually increased by 1.1% to 92.
Tooele County was the odd man out, with the median home price for both single-family homes and condos increasing, 1.08% and 2.19% respectively.