Dear Broker,
We are pleased to share with you the Salt Lake Quarterly Housing Report. Please share this information with Realtors® in your office or discuss it at your weekly sales meeting.
The coronavirus pandemic and subsequent business shutdowns affected home sales across the Wasatch Front. Single-family home sales in the second quarter in Salt Lake County dropped to 3,274 units sold, a 14-percent decline from a year earlier and a seven-year low for overall second quarter sales. One bright spot in the second quarter was the rise in single-family home sales in the month of June, which increased 5 percent compared to sales in June 2019.
Lawrence Yun, chief economist of the National Association of Realtors®, said that if the virus shutdown was less than three months, there would be a quick, robust rebound to the housing market. In Salt Lake County, that is proving to be the case as the spring home buying season has been pushed to summer months.
June's sales increase suggests the worst might be over, as record-low mortgage interest rates drive buyers to purchase homes. Prior to June, single-family home sales had fallen three consecutive months: March sales were down 3 percent; April sales dropped 25 percent; and May sales were down 22 percent year over year.
Other Wasatch Front counties saw similar declines in the second quarter: Davis County sales were down 7 percent; Tooele County saw sales drop 17 percent; Utah County sales were down 6 percent. Weber County sales were flat, falling just 0.2 percent.
The top 5 ZIP codes with the highest number of single-family home sales in the second quarter were (percent change year over year):
- Lehi (84043) 314 sales, down 6 percent
- Eagle Mountain (84005) 300 sales, up 13 percent
- Tooele (84074) 290 sales, down 19 percent
- Herriman (84096) 285 sales, up 2 percent
- Clearfield (84015) 278 sales, down 6 percent
Salt Lake County's median home price in the second quarter climbed to $404,193, up 6 percent from a year earlier. Weber County posted the lowest median home price at $300,000, up 8 percent year over year.
In the second quarter, the typical Salt Lake home was on the market 31 days before it sold, down from 36 days on the market in the second quarter of 2019.