3rd Quarter Housing Stats
Even though home prices have dipped nationally in recent months, prices in Utah rose about 16 percent in the third quarter, according to recent statistics from the Utah Association of REALTORS®.
The 2006 UAR third quarter market report showed that Utah home prices averaged $255,402 in the third quarter. Excluding statistics from Park City, which tend to inflate the average, prices were at $240,790, up about 23.5 percent from third quarter 2005.
Home sales showed a slight decrease this quarter, dropping about 6 percent when compared to last year at this time, a reflection that the market is stabilizing to more normal levels after last year’s record-setting numbers. Home sales slowed only about 2.5 percent compared to second quarter 2006.
However, there were many areas in the state that did not see a slowdown in sales. Box Elder County, the Cache/Rich area, the Grand/San Juan area, Morgan County and Weber County all had home sales increase by more than 13 percent.
Additionally, appreciation was high in the third quarter with many areas having price increases of more than 16 percent. A complete market report is available at UtahRealtors.com/quarterly/mktrpts.htm.
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