Utah Association of REALTORSÒ
[Figures reflect sales reported by each Board's Multiple Listing Service]

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UTAH REALTORS® REPORT OVERALL INCREASE IN SALES FOR SECOND QUARTER 2000

Murray, Utah -- The second quarter of 2000 showed an overall increase in single-family home sales compared to the same period last year, according to figures released by the Utah Association of REALTORS® (UAR). Statewide, sales are up five percent from this quarter last year.

"Overall, the Wasatch Front housing market continues strong with year-to-date prices running three to four percent higher than in '99, and number of homes sold up three to 10 percent, depending on the individual community," said Mac Brubaker, president of the UAR. Utah homes sold for an average price of $168,414, rising three percent from second quarter 1999. When excluding Park City homes, where prices tend to inflate the overall data, the state's second quarter 2000 average home price was $156,452.

"The tight Utah labor market has contributed to increasing prices," noted Brubaker. "Increasing impact fees and governmental land use controls are also contributing to higher prices on new homes."

Regionally, the state experienced significantly more increases than decreases in average home prices. Thirteen boards reported price increases while only Carbon-Emery reported a decrease. Nine boards reported increases in number of homes sold while five reported decreases. Wasatch County showed the most significant decrease in home sales with a 67 percent drop; Iron County had the greatest increase at 56 percent.

In Northern Utah, the Brigham/Tremonton Board reported an eleven percent increase in single-family home sales for the second quarter of 2000 versus the second quarter of 1999, with an average price of $121,371. The Cache/Rich Association experienced a more substantial 41 percent gain in sales volume from the same period in 1999 and an average home price of $127,913.

The Greater Ogden Area Association showed a four percent increase in sales and an average price of $137,854. Condo sales were up eight percent with an average selling price of $102,628.

The Tooele County Board experienced a 30 percent drop in sales from second quarter 1999 with an average selling price of $116,789. Brubaker said the number of homes sold in Tooele over the past few years set historic highs that are not being maintained this year. According to figures released by the Salt Lake Board, Salt Lake area home sales were up 10 percent from the same period in 1999. The average home price was $180,967. Condo sales also had a modest 3/4 percent increase with an average price of $121,267 compared to second quarter 1999.

The Carbon/Emery Board reported an 11 percent decline in sales from second quarter 1999 with an average home price of $85,098. Central Utah saw a six percent increase in sales with an average price of $92,278.

Sales at the Grand/San Juan Association in Moab decreased 22 percent with homes selling for an average price of $127,331, an increase of 30 percent from second quarter '99. Condo sales were also down 33 percent with an average sales price of $140,577. Home sales in Park City dropped 13 percent compared to second quarter 1999, according to figures released by the Park City Board of REALTORS®. Average selling price was $546,319, an increase of 14 percent for the same period last year. Condominium sales decreased by three percent with an average price of $399,500.

The Wasatch County Board experienced a 67 percent decrease in sales from second quarter 1999. Homes sold for an average price of $210,564. Utah County reported a five percent increase in homes sales from second quarter 1999. The average sale price was $168,985. Condo sales, however, were down 21 percent with an average selling price of $115,680. The Uintah Basin Board saw a 26 percent rise in sales with an average price of $91,128. "This area continues to see a resurgence in oil and gas exploration and production," said Brubaker. "This factor coupled with four major government and private construction projects creates a more active market."

In southern Utah, the Washington County Board showed a four percent rise in sales compared to second quarter 1999 and an average selling price of $153,247. Condominium sales also increased slightly, just under one percent, with an average price of $113,476. Iron County saw a substantial increase in home sales of 56 percent. "This could be attributed to an influx of out-of-town buyers," said Rett Shakespear, president of the Iron County Board. Homes there sold for an average of $107,347.

The Utah Association of REALTORS® serves as "The Voice for Real Estate in Utah," representing more than 7,800 members involved in all aspects of the real estate industry.