Salt Lake Board of Realtors Reports Rising Home Prices

Prices of single-family homes sold in the Salt Lake area in the last quarter of 2012 showed big gains as demand for housing increased, according to the Salt Lake Board of Realtors.

The median single-family home price in Salt Lake County increased to $223,000 in the fourth quarter, up 14 percent compared to $195,000 in the fourth quarter of 2011. Since April 2012, home prices in the Salt Lake area have risen every month year-over-year.

“In spite of rising home prices, housing affordability is at near record levels,” said Dave Frederickson, president of the Salt Lake Board of Realtors. “In 2012, the median sales price of a single-family home was up 6 percent, but 80 percent of homes sold in 2012 were affordable to families earning the median income level.”

The number of single-family homes sold in Salt Lake County in the October-November-December period totaled 2,628 sales compared to 2,373 home sales during the same period a year ago.

More people purchased single-family homes (192 sales) in the Kearns area (ZIP code 84118) in the fourth quarter than any other area along the Wasatch Front. Clearfield (84015) ranked No. 2 in the most single-family homes sold at 179 sales. Farr West ranked No. 3 at 170 sales. South Jordan (167 sales) and Lehi (167 sales) rounded out the top five highest sales areas.

Condominium sales in the Salt Lake area also showed gains, rising to 540 sales in the fourth quarter, up 14 percent compared to 473 sales year-over-year. The median condominium price fell 0.51 percent to $145,750, down from $146,500 a year ago.