SANDY, Utah (ABC4)- The Salt Lake Board of Realtors says home sales in Salt Lake County fell 21% in October compared to the same time in 2020. It marks the fifth consecutive month of falling home sales year over year.
Despite the drop in sales, the Board of Realtors said 2021 is on track to be one of the top five years for sales. In 2020, Salt Lake home sales reached a high of more than 19,200 homes sold.
The average or median home price of homes sold in October rose to $477,000, a 23% increase compared to $387,750 in October 2020. The average price for a single-family home went up 24% from 2020 to $542,250 in 2021. Multifamily home prices increased to $394,200, up 23% from the previous year.
“Higher prices and limited inventory have slowed sales,” Salt Lake Board of Realtors president Matt Ulrich said. “While sales have recently slowed, multiple offers are commonplace on most properties. Home prices continue to rise.”
It takes about eight days for a typical home in Salt Lake County to sell, according to a press statement from the board, which is the same as it was in October of 2020. However, the total volume of sales in October was $822.5 million, which is 3% down from $850.9 million in October 2020.
There were 2,043 new home listings in October 2021, a 5% increase from the 1,944 new listings around the same time in 2020. Listings where a seller has accepted an offer on the property but has not finalized a sale, often called under contract listings, dropped to 2,376, a decrease of 20% from 2,985 around the same month in 2020.