After several months of increased home sales, Salt Lake County suffered a drop in the number of homes sold in July 2008. There were 968 homes sold in July, down from 1113 in June. While this may seem like bad news, it must be remembered that July is traditionally a slower month, in fact the last time homes sales went up between June and July was back in 2003.

Homes Sold: 968 down 24.49%
Average Sales Price: $287,390 down 4.18%
Days on Market: 67 down 97.06%

Looking at data on a year-by-year basis, the numbers of homes sold were down 24.49%, and the average sales price was down 4.18% to $287,390. Homes are taking a lot longer to sell with the average days on market increasing a massive 97.06%.

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%.