“Less inventory and rising home prices have caused some home buyers to pull back or not qualify for a mortgage. Slowing sales are having an effect on home prices, which increased less than 2 percent in the second quarter.” - Angie Domichel Nelden, president of the Salt Lake Board of Realtors®.
Home sales fell in most Salt Lake County cities including: Draper, down 14 percent; Herriman, down 21 percent; Magna, down 16 percent; Riverton, down 10 percent; Sandy (84092) down 17 percent; South Jordan, down 12 percent; and Sugar House (84105) down 10 percent.
In the second quarter the median home price increased to $254,000, a 2 percent rise compared to a median price of $249,900 in the second quarter of 2013.
New listings increased to 6,584 homes in the second quarter, up 1 percent compared to 6,489 new listings a year ago.