Salt Lake City Real Estate Blog

The number of single family homes sold in Salt Lake County increased for the fourth-straight month. There were 835 homes sold in May, which was an increase of 4.11% over April’s numbers. While the numbers are still way down on last years numbers (in fact year to date they are 37% lower), at least the number of homes sold seems to have stabilized. Even with the increase in the number of homes sold, home prices for properties over $300,000 remain under pressure.

May 2008 - 835
Apr 2008 - 802
Mar 2008 - 765
Feb 2008 - 585
Jan 2008 – 507

Looking forward, as of today there are currently 1415 single-family homes under contract in Salt Lake County. While a good number of these will fall out of contract, the high number suggests that we will build upon May’s numbers and return an increase in homes sold for June 2008.

I have updated our Salt Lake new homes map to incorporate the latest developments and pricing information. This interactive map uses Google Maps functionality to show the location and prices for the major new home builders and developments in Salt Lake County, Davis County, and Utah County. New home prices across the Salt Lake Valley are coming under pressure from the slowdown in the local housing market. Very few builders/developments have increased their prices, with most builders keeping their prices the same or lowering them slightly. Ivory Homes seems to have cut their prices the most, with the majority of developments showing substantial price declines.