While home prices continued their climb, setting new record highs along the way, the market is becoming increasingly difficult for first time home buyers. Driven by a severe lack of inventory home affordability is a real problem.
Home prices set new highs across the board in the second quarter 2018, the median sales price for a home hit $320,000. There were 6,788 new listings in the quarter which was a decline of 3.95% and the days on market was 9 days. In all these are very good numbers, but the decline in homes coming onto the market is not good news for those people looking to buy.
Single-family homes saw an 8.43% rise in the median sales price, to stand at $358,000, but there were 3.42% fewer homes listed for sale. Homes were taking longer to sell, but 10 days still indicates a very strong home seller’s market.
The condo sales price was even stronger, with an 11.51% increase in the median sales price to $209,633. All this was on the back of a 12.83% decline in new condo listings and an increase in sales of 10.50%. Even with these figures, the days on market increased to 9 days.
Overall the 2nd quarter 2018 was a good quarter for the housing market along the Wasatch Front, but along with the ever-increasing price of homes comes the problem of home affordability. The decline in homes coming onto the market and the steady increase in interest rates are putting the squeeze on home buyers.
For a complete list of prices by zip code please visit our Salt Lake County Home Prices page.