Strong Home Sales Across Salt
Lake County and Utah
Home sales in Salt Lake County increased 6 percent in August year-over-year. The rebound in August follows a lackluster July in which sales fell 13 percent. Limited inventory and higher home prices have dampened sales in recent months. The median sales price in August (all housing types) increased to $270,000, up 8 percent compared to $249,000 a year earlier. In Davis County, home sales climbed 12 percent in August. The median price increased to $255,000, up 10 percent year-over-year. Statewide, there were 4,961 homes sold in August, up 8 percent compared to closings in August 2015. The median Utah home price in August increased 10 percent to $250,000.
October 2016, Salt Lake Board of REALTORS®
More Housing Needed as
Home Sales Slide
Sales of U.S. existing-homes eased up in August for the second consecutive month despite mortgage rates near record lows as higher home prices and not enough inventory for sale kept some would-be buyers at bay, according to the National Association of Realtors®. Only the Northeast region saw a monthly increase in closings in August, where inventory is currently more adequate. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, declined 0.9 percent to a seasonally adjusted annual rate of 5.33 million in August from a downwardly revised 5.38 million in July. After last month's decline, sales are at their second-lowest pace of 2016, but are still slightly higher (0.8 percent) than a year ago (5.29 million). Lawrence Yun, NAR chief economist, says recent job growth is not yielding higher home sales. "Healthy labor markets in most the country should be creating a sustained demand for home purchases," he said. "However, there's no question that after peaking in June, sales in a majority of the country have inched backwards because inventory isn't picking up to tame price growth and replace what's being quickly sold."
September 2016, Salt Lake Board of REALTORS®
Salt Lake Ranks Among the Top 500 Most Expensive U.S. Housing MarketsA new study ranked Salt Lake City among America’s most expensive housing markets. More than 2,100 U.S. cities were profiled in the report, which calculated the average price of a four-bedroom, two bathroom home. Salt Lake City came in No. 486 at an average price of $424,505. Saratoga, Calif., took the No. 1 spot at $2.5 million. The top 10 most expensive cities were all in California. Honolulu ranked No. 14 at $1.2 million. Detroit came in last place at $64,110
Salt Lake Board of REALTORS®
The Avenues Ranks No. 1 in Highest Wasatch Front Home PricesDemand for housing remained strong in the first three months of 2016, but a limited supply of inventory pushed sales down, according to the Q1 Housing Report of the Salt Lake Board of Realtors®.
Buyers are looking for more affordable options and moving to condos and townhomes. There were 2,569 single-family homes sold in Salt Lake County in the first three months of 2016, a 2 percent decline compared to 2,614 sales in the first quarter of 2015. Condominium sales increased to 730 units sold, a 1 percent increase compared to 720 sales a year ago. New listings of homes fell to 4,994 in the first quarter, down 8 percent from 5,406 new listings a year earlier. In Salt Lake County there is currently less than a four-month supply of housing inventory (based on sales trends of single-family homes over the past year). The top five most expensive ZIP code areas across the Wasatch Front in the first quarter for single-family homes were: the Avenues (84103) $451,000; Emigration Canyon (84108) $437,500; Draper (84020) $431,750; Holladay (84124) $413,500; and Sandy (84092) $399,900. Four of these five areas in the first quarter saw a drop in home sales. Only the Avenues saw sales rise. The median price of a single-family home in Salt Lake County climbed to $271,400 in the first quarter, up 6 percent compared to $255,000 in the first quarter of 2015. Condo prices increased 5 percent to $188,250 from $179,650 a year ago.
April, 2016. SALT LAKE BOARD OF REALTORS®
Salt Lake Quarterly Housing Report
Home sales in Salt Lake County in the fourth quarter showed a modest increase, but slowed considerably compared to previous quarters. There were 2,899 single-family homes sold in the final three months of 2015, a less than 2 percent increase compared to 2,857 sales a year earlier. In each of the first three quarters of 2015, home sales in Salt Lake County posted double-digit gains year-over-year (15 to 16 percent each quarter). Home sales also slowed in Davis County in the final quarter of 2015, up just 0.51 percent year-over-year. Utah County home sales fell nearly 3 percent.
According to the National Association of Realtors®, the Wasatch Front sales declines were not unique, with sales across much of the country sagging. This was a result of delayed closings resulting from the rollout of the RESPA-TILA Know Before You Owe initiative, which took effect on Oct. 3. The rule was implemented to offer greater transparency into the mortgage and closing process.
Unlike other Wasatch Front counties, Weber and Tooele counties in the fourth quarter saw home sales climb at 13 percent and 23 percent respectively.
In the final quarter of 2015, the median single-family home price in Salt Lake County reached $267,500, a nearly 5 percent rise compared to a median price of $255,000 a year earlier. The median home price in Davis County was $245,000, a 9 percent climb compared to $224,000 last year.
The bright spot in the fourth quarter was condominium sales. As first-time buyers struggled to qualify for escalating home values, many turned to townhomes and condominiums. In Salt Lake County condo sales increased to 822 units sold in the fourth quarter, a 16 percent rise compared to 706 sales in the fourth quarter of 2014. Utah County saw its condo sales rise 15 percent. The median price of condos sold in Salt Lake was $194,750, up nearly 13 percent from a year ago.
The average cumulative days a listing was on the market in the fourth quarter in Salt Lake County was 54 days, down from 75 days in the fourth quarter of 2014. Thank you and let us know how we can serve you.
SALT LAKE BOARD OF REALTORS®
Salt Lake Pending Home Sales Climb
Home sales in Salt Lake County in February were down year-over-year (a drop of 7 percent), but pending sales showed a 6 percent rise for the same month, suggesting the spring selling season is heating up. The number of new listings fell 7 percent in February, making an already robust seller’s market even stronger. The days on the market (until sale) fell to 28 days, down from 55 days a year earlier. The median home price (all housing types) for all units sold in February increased 8 percent to $248,000 year-over-year. Housing inventory levels in Salt Lake County when measuring sales trends over the past year are currently at 3.65 months. More housing inventory is desperately needed.
April, 2016. SALT LAKE BOARD OF REALTORS®
Cities to Watch: 2016's Fastest-Growing Places
After being overthrown last year by Houston, Austin regains the number one spot as the fastest-growing city in the U.S., according to a new analysis by Forbes. Adding to its allure, Austin boasts booming technology, pharmaceutical and biotech industries as well as low-cost of living.
Forbes.com compiled its annual list of America’s Fastest-Growing Cities by ranking the 100 largest metro areas and their surrounding suburbs. For its rankings, they factor in population growth for 2015 and 2016, year-over-year job growth for 2015, the metro’s economic growth rate, unemployment, and median annual pay for college-educated workers in the area.
The following cities topped Forbes’ list as the fastest-growing populations and economies (included below with each city’s population growth for 2015 and projected growth rate for 2016):
1. Austin, Texas
- 2015 population growth rate: 3.15%
- 2016 projected growth rate: 1.56%
2. San Francisco, Calif.
- 2015 population growth rate: 1.24%
- 2016 projected growth rate: 0.77%
3. Dallas, Texas
- 2015 population growth rate: 2.16%
- 2016 projected growth rate: 1.58%
4. Seattle, Wash.
- 2015 population growth rate: 1.68%
- 2016 projected growth rate: 1.34%
5. Salt Lake City, Utah
- 2015 population growth rate: 1.05%
- 2016 projected growth rate: 1.40%
6. Ogden, Utah
- 2015 population growth rate: 1.64%
- 2016 projected growth rate: 1.37%
7. Orlando, Fla.
- 2015 population growth rate: 2.31%
- 2016 projected growth rate: 2.03%
8. San Jose, Calif.
- 2015 population growth rate: 1.27%
- 2016 projected growth rate: 0.93%
9. Raleigh, N.C.
- 2015 population growth rate: 2.28%
- 2016 projected growth rate: 1.44%
10. Cape Coral, Fla.
- 2015 population growth rate: 2.84%
- 2016 projected growth rate: 2.15%