Sandy — Sales of all housing types dropped in Salt Lake County in February. It was the ninth consecutive month of falling sales year over year.
There were 949 homes sold in February, a 14 percent decrease compared to 1,102 sales in February 2021. Falling sales are due to limited inventory, higher home prices, and fewer move-up buyers.
The last time home sales fell over an extended period was in 2007, the start of the Great Recession. In 2007, home sales in Salt Lake County plunged 27 percent. The falling sales and substantial layoffs triggered a four-year decline in home prices in Salt Lake County (2008-2011). Since 2012, home prices in Salt Lake County have been on the rise. For Utah to experience a housing bubble in the near term, it would require a loss of jobs – an unlikely prospect in the next few years.
The median price of all housing types sold in February was $515,000, up 25 percent compared to a median price of $413,600 in February 2021. The median single-family home price climbed to $580,000, up 24 percent compared to a median price of $469,000 a year ago. The median multi-family price increased to $425,000, up 29 percent compared to a median of $330,000 last year.
“As mortgage rates rise, the most likely outcome for housing prices in Utah over the next two to three years is a period of price moderation like what occurred after price accelerations in the late 1970s and the mid-1990s,” says Steve Perry, president of the Salt Lake Board of Realtors®. “An extended period of price declines created by a bursting bubble is unlikely.”
There were 1,168 new listings in February, down 4 percent compared to 1,215 new listings in February 2021.
About the Salt Lake Board of Realtors®
The Salt Lake Board of Realtors® is the Wasatch Front’s voice of real estate and the No. 1 source for housing market information. The Salt Lake Board of Realtors® is the largest shareholder of UtahRealEstate.com, one of the leading Multiple Listing Services (MLS) in the United States. Since 1917, the Salt Lake Board of Realtors® has been a leader in promoting homeownership and protecting private property rights. The Salt Lake Board of Realtors® empowers its members to better serve the public by providing continuing education, advocacy, and a professional code of ethics.
About UtahRealEstate.com
UtahRealEstate.com is where real estate listings originate, and it is the official property information platform for real estate professionals in the state of Utah. We proudly serve approximately 96 percent of all Realtors® in the state of Utah, according to T3 Sixty 2021 Real Estate Almanac. UtahRealEstate.com operates one of the largest Multiple Listing Services (MLS) in the United States.