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Utah Real Estate News Clips - Utah Real Estate
Home sales down in Utah, prices up
May 07, 2007
Utah home sales were down about 2 percent from first quarter 2006 to first quarter 2007, and sales were down more than 9 percent from fourth quarter 2006 to first quarter 2007, according to the Utah Association of REALTORS®’ first quarter market report. Nevertheless, the data show that prices were still increasing, although at a substantially lower rate than last year at the same time. According to the report, home prices were up 0.81 percent and averaged $244,516 for first quarter 2007, figures that do not include prices from Park City which tend to inflate the average. Including Park City statistics, the average Utah home price was $275,707, up 13.37 percent from last year.
The only areas in the state to see slight price declines were Washington County, where home prices dipped 2.54 percent and condo prices were down 0.34 percent, and Weber County, where condo prices were down 2.34 percent.
Several areas that saw strong sales in the first quarter were Brigham/Tremonton with a 39.66 percent increase in home sales, Morgan County, with a 31.58 percent increase in home sales, and Cache/Rich, with home sales increasing 7.82 percent.
Last year at this time, home prices in Utah (excluding Park City) were up 16.60 percent from first quarter 2005 and sold for an average price of $213,731. At that time, Utah home sales were also up 11.95 percent.
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