Wednesday, October 17, 2012

Salt Lake City, Ogden housing market warming up

Homes in the Salt Lake-Ogden metropolitan area are selling faster, prices are increasing and fewer properties are sitting on the market compared with last year.

Lower inventories, combined with somewhat higher median list prices, suggest that the housing market at the end of the 2012 homebuying season is in better shape than it was a year ago, according to data from a report released Monday by the National Association of Realtors’ website,

Overall, numbers for Utah’s largest metro area, the only one in the state included in the report, are better
than the national market.

Median prices for homes in Salt Lake City-Ogden hit $214,900 in September — a 7.5 percent jump from a year ago and a 1.37 percent bump from August. The national median price in September was $191,500, a 0.78 percent increase compared with the same period last year.

The rise in the median price locally also was reflected earlier in the summer when a second-quarter report from Realtors in a five-county area along the Wasatch Front showed that prices from Ogden to Provo collectively were up for the first time in five years.

In addition, the median age of inventory in the Salt Lake City-Ogden metro area in September was 67 days, down 22 percent from a year ago. Nationally, the median age of inventory was 95 days, down 11.2 percent. Salt Lake Tribune