Sales of existing single-family homes in Salt Lake County reached the highest point in four years in the third quarter, but home prices are still falling. In Utah’s most populous county, 2,603 single-family homes changed hands in the July-September period, up more than 33 percent from 1,953 sales in the same three months last year, according to a report released Thursday by the Salt Lake Board of Realtors. The third quarter tally was the highest since third quarter of 2007 (2,693), just before the Great Recession began.
Although sales improved, values continued to deteriorate. The median single-family home price in the county fell to $196,000, down 15 percent from $230,000 in the third quarter of 2010 and off 23 percent from the historic third-quarter median peak of $256,000 in 2007. The same pattern of increasing home sales and declining home prices was evident in the other Wasatch Front counties, as well. Salt Lake Tribune
