Annual Wasatch Front Home Prices for 2008

July 2008 Salt Lake County Home SalesHome prices along the Wasatch Front, while not great at least faired better than much of the U.S. In 2008, Salt Lake County home prices went down just 3.71%, with the new median home price for single-family homes now standing at $240,000. Homes at the low end of the ladder faired much better than those above $250,000, where because of tighter lending requirements and a large number of available higher end new homes, suffered far steeper declines. Most of the worst hit areas were in the more expensive zip codes, with the worst hit being Holladay 84117, which declined 14.29%.

Not all areas went down; four zip codes actually returned an increase in value, with the Salt Lake City 84116 area returning the best result with a gain of 5.39%.

Although home prices are still coming under pressure, the relative good local economy and the fact that local home prices did not see the huge increases seen in other areas, means that we should continue to fair better than most of the rest of the U.S.

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