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

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HOME SALES REMAIN STEADY FOR SECOND QUARTER 2001
Utah Association of REALTORS® releases second quarter statistics

Murray, Utah - According to the Utah Association of REALTORS® (UAR), single-family home sales in the state increased an average of nearly seven percent during the second quarter of 2001 in comparison to the same period last year. Comparing the second quarter 2001 sales to those of the first quarter 2001, there has been an increase of 32 percent statewide.
The average sales price for a home in Utah was $155,731, excluding statistics from Park City, which tend to inflate the average. This figure is down slightly from $156,452, the average sale price of a home in the second quarter of 2000.
"Across the nation, the housing affordability index is higher now than what is was at this time last year," said Sam Sampson, president of the UAR, "families earning a median-income, which is estimated at $52,675, are able to purchase a home at or above the median price in most instances."
Based on sales reported by each board's Multiple Listing Service (MLS) only four of the 14 boards indicated a decrease in home sales. The remaining boards experienced an increase in sales.
In Northern Utah, the Brigham/Tremonton Board reported a 14 percent increase in home sales, with a five percent drop in the average sales price compared to the second quarter of 2000. The Cache/Rich Association experienced a five percent drop in sales, with a two percent increase in the average sales price, which was $130,477.
The Greater Ogden Association showed a six percent increase in home sales and a 30 percent sales gain in condominium sales. The average price of a home in the Ogden area remained steady at $138,242. Condominium prices also remained solid with an average price of $102,321.
The Tooele County Board experienced a 77 percent increase in the number of sales from the second quarter of 2001 versus the second quarter of 2000. The average price of a home rose from $116,789 to $129,865. The Wasatch County Board also experienced a significant boost in sales, with a 150 percent increase, and an average sales price of $210,694.
The Salt Lake Board reported a three percent increase in the number of home sales and an 11 percent increase in the number of condominium sales. Prices remained stable, with the average price of a home in the Salt Lake Area at $182,612 and the average price of a condominium at $123,866.
According to figures released by the Grand/San Juan Association, home sales dropped 24 percent, while condominium sales doubled. The average cost of a home was $119,022, while condominium prices averaged $167,223. A nine percent drop in condominium sales was reported by the Washington County Board, with the average price of a condominium at $107,372. Home sales increased by six percent, with the average selling price of a home at $157,593.
Both the Central Utah Board and the Utah County Association reported a drop in home sales. The Central Utah Board experienced a 22 percent drop in sales, and home prices dropped over three percent, from $92,278 to $89,155. In Utah County, there was a four percent drop in the number of homes sold in the second quarter of 2001 as compared to the second quarter of 2000, with homes selling for an average price of $177,891. Although home sales were down, condominium sales rose 50 percent in the area, with the average condominium price reported at $114,440.
Elsewhere in the state, the Carbon/Emery Board reported a 45 percent increase in sales volume in the second quarter of 2001 versus sales in the second quarter of 2000. The average price of a home was $98,632, an increase of 16 percent over second quarter 2000 statistics. The Iron County Board reported a 30 percent sales increase, and the Uintah Basin Board saw a 28 percent increase in sales and a three percent increase in the average price of a home.
The Park City Board experienced a 14 ½ percent increase in the number of home sales in the second quarter of 2001 as compared to the same period last year, and a 29 percent increase in the number of condominium sales. The average price of a home in Park City was $508,300, which is seven percent less than what the average price of a home in the second quarter of 2000 was. The average price of a condominium in Park City was $306,600, which represents a 23 percent decrease from the average price last year at this time, which was $399,500.
Comparing overall second quarter statistics of 2001 to those of the first quarter of 2001, the average price of a home dropped from $168,005 to $166,571, a difference of almost one percent.
"While home prices are on the rise throughout the nation, housing affordability in Utah has remained constant," said Sampson, "we expect our stable market to continue in the months ahead."
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.

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