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

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HOME SALES INCREASE DURING SECOND QUARTER OF 2002
Utah Association of REALTORS® releases second quarter's statistics

     Murray, Utah - According to the Utah Association of REALTORS® (UAR), there was a nine percent overall increase in the number of single-family homes sold during the second quarter of 2002 in comparison to the same period last year. Of the 14 areas reporting, ten reported an increase in single-family home sales, and four reported a decrease in sales. Condominium sales were up in three of the six areas reporting condominium sales.
     The average sales price of a home in Utah is $159,343. This is two percent more than what the average sales price of a home was last year at this time. These numbers exclude statistics from Park City, which tend to inflate the average.
     "The economy has been sluggish, so the Federal Reserve has kept mortgage interest rates low," said UAR President, John Harr, Jr., "this means that it has been relatively easy for first-time home buyers to get into homes, which has kept the housing industry vivacious."
     The Salt Lake Area reported a five percent increase in home sales and an 18 percent increase in condominium sales. The average price for a home in the Salt Lake Area is $187,594, which is up three percent from last year at this time, while condominium prices are up ten percent from last year at this time with an average price of $136,161.
    The Greater Ogden Area reported a one percent increase in home sales and a ten percent increase in condominium sales. The average price for a home in the Greater Ogden Area is $137,868, which is down slightly from last year's price, and the average price for a condominium is $98,280, down four percent from the average price at this time last year.
     Utah County reported a 31 percent increase in the number of homes sold, and a decrease of six percent in the number of condominiums sold. Home prices have dropped slightly to $177,000, while condominium prices have risen by nine percent at $125,283.
     In Park City, home sales have increased two percent, while condominium sales have decreased 11 percent. The average price of a home in Park City is $471,000, which is down seven percent from last year's second quarter average. Condominium prices are down four percent, with the average price of a condominium in Park City at $293,000.
     In Tooele County, home sales are down nine percent, and prices have decreased five percent, with the average home price at $123,723.
     The Brigham/Tremonton Area reported a six percent decrease in the number of homes sold, with the average home price at $118,010. The      Cache/Rich Area reported a 26 percent increase in the number of homes sold, with a two percent decrease in price. The average price of a home in the Cache/Rich Area is $128,263.
     The Washington County Area reported a 32 percent increase in the number of home sales as compared to second quarter of last year, with the average price of a home increasing one percent to $159,701. Condominium sales rose seven percent, with a seven percent price increase. The average price of a condominium in the Washington County Area is $114,794.
     In the Carbon/Emery Area, home sales dipped 18 percent, with an average home price of $79,400. In Central Utah, home sales were up 20 percent with the average price of a home at $81,098.
     The Grand/San Juan Area reported a 32 percent increase in home sales and a 42 percent decrease in condominium sales. The average price of a home in the area remains stable at $117,907, with the average price of a condominium decreasing two percent to $163,099.
     In Iron County, home sales increased by 16 percent, with an average price of $115,463. In the Uintah Basin Area, home sales decreased six percent, with the average price up three percent to $96,585. In Wasatch County, home sales increased 73 percent as home prices decreased 11 percent with an average price of $187,473.
     Comparing the second quarter of 2002 with the first quarter of 2002, the average price of a home increased four percent.
     "The fact that the housing market has not experienced any major drops over the past year is significant when you consider the economy in general," said Harr, "The housing market has done much better than other industries. Real estate sales typically ebb and flow, however, we anticipate continued growth and a strong market for the remainder of the year."
     The Utah Association of REALTORS® serves as "The Voice for Real Estate in Utah," representing more than 8,000 members involved in all aspects of the real estate industry."

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