SALT LAKE CITY -- It's been a trend over the past two years along the Wasatch Front, rising home prices corresponding with slowing sales.
According to the latest data from the Salt Lake Board of Realtors, the median price for a single-family home in Salt Lake County reached $355,000 in July, August, and September of 2018 compared to $345,000 for January, February, and March.
That’s leading to slowing sales according to Real Estate and Growth Reporter for The Salt Lake Tribune, Tony Semerad.
“Sales, as a result, are kind of slowing down. In fact, negative sales year over year in a couple of counties,” said Semerad.
In July, August, and September of this year, home sales in Salt Lake County fell by .3 percent after dropping 4.6 percent in January, February, and March.
Sales were down 11.8 percent in Davis County, down 1.4 percent in Utah County, and sales were flat in Tooele County. Only Weber County saw an increase of 9.6 percent.
Even though there are a lot of new homes being built, many aren't affordable due to a labor shortage caused by several big municipal projects, most notably the Salt Lake City International Airport.
“The valley's kind of filling in, so there's a lack of available land and if you add to that the tariffs situation that's driving up the cost of steel, aluminum, and lumber and other things that you use for home construction,” said Semerad.
A recent survey by the nonprofit Utah Foundation found that 12 percent of Utahns say their housing costs were not affordable. In Salt Lake County that number went as high as 20 percent.
“This is a very real threat to the state's healthy economy,” said Semerad.
To address the housing shortage, the Salt Lake Chamber has launched a major statewide campaign called the housing gap coalition.
To read more about home prices and to see where your zip code stacks up, read Tony Semerad's article in Tuesday’s Salt Lake Tribune here.
