Sales Data for Utah

Regarding local and national economic facts and sales data, this is what is going on in our market:

First, the trend we have seen since December 2007 continues. Sales rose in July 2008 to 445, up from 394 in June. This represents an increase of 65 percent in 7 months.

Second, with strong sales in July 2008 of 445, we are now only down 17 percent from last July's sales of 538 units.
Year To Date sales are off 32 percent.

Many have been saying that affordability is an issue and while we have seen prices slip about 3 percent, our market indicates that if priced right it will sell! But price is certainly a factor, as sales of homes priced above $500,000 are down 37 percent. Keep in mind however, that these homes represent only 5 percent of the total market.

If price is an issue, why are condos sales still down? With 85 sold in July 2008, condos sales are down 28 percent from last year's 119. The answer may be perceived value. Condo prices have slipped 12 percent from last year, compared to only 3 percent for single-family detached homes.

"If anyone was waiting for a strong sign that we are seeing things turn around then they should find plenty to celebrate this month. We see much to celebrate with July's statistics. Real estate remains a very good place to invest."
Utah County Association of Realtors CEO-Taylor Oldroyd