The Salt Lake Board of Realtors says fewer listings and higher home prices caused home sales to slow.
Within the county during the month of July, 1,602 homes sold, including single-family, condominiums, townhouses, mobile, and recreational homes. That is down 25% from the 2,131 home sales in July 2020, according to UtahRealEstate.com.
July 2020 set a record for the most homes sold in a single month.
Utah, Davis, and Weber counties also saw home sales dip by double-digit percentages. In Salt Lake County, this is the second consecutive month of falling home sales year over year. June reported an 8% decrease in home sales compared to the same time last year.
“Home sales in July were down 6% compared to the five-year July sales average, 2015 through 2019, excluding July 2020, which was an outlier,” says Matt Ulrich, president of the Salt Lake Board of Realtors. “Multiple offers have slowed but the Salt Lake housing market remains very competitive. Instead of 30 or 40 offers on a listing, there are now usually five to 10 offers on a home.”
According to the Salt Lake Board of Realtors, in July, the median price for:
- All housing types was $475,000, up 24% from $383,000 last year
- A single-family home increased to $550,306, up 28% from $430,000 last year
- A multifamily home reached $380,000, up 27% from $299,950 in 2020
- Per square foot was $225.09 up 28% from $176.13 per square foot a year ago
While home sales are down, homes in Salt Lake County were on the market for fewer days this July compared to July 2020. The latest report shows the typical home was on the market for six days last month compared to 12 days in 2020.
There were also fewer listings in July 2021 – 1,992 compared to 2,036.
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