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

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Housing Market Remains Strong in Spite of Slight Drop in Sales
Utah Association of REALTORS® releases second quarter's statistics

     Murray, Utah - According to the Utah Association of REALTORS® (UAR), there was an eight percent overall decrease in the number of single-family homes sold during the second quarter of 2003 in comparison to the same period last year. Home prices rose seven percent, with the average price of a home in Utah at $160,858. This price excludes statistics from Park City, which tend to inflate the average.
     "Home sales have started to ease up a bit," states UAR President Michael Sloan, "but considering that the labor market is so tight right now, the housing market is still relatively strong. We're still experiencing a period of historically low interest rates, and we expect to finish out the year with a strong sales record."
     In the Salt Lake Area, there was a 12 percent decrease in the number of homes sold during the second quarter of 2003 as compared to the second quarter of 2002. Condominium sales were down 14 percent. The average price for a home in the Salt Lake Area is $187,136, which is in line with the price of a home last year at this time. The average price of a condominium in the Salt Lake Area is $125,667, which is down eight percent from last year.
     Home sales in the Greater Ogden Area were down 7 percent, and condominium sales were down 24 percent. The average price for a home in the Greater Ogden Area is $142,112, up three percent from last year's price. The average price for a condominium has dropped three percent to $95,759.
     The Utah County Area reported a 12 percent decrease in the number of homes sold, and an 18 percent decrease in the number of condominiums sold. Home prices have risen four percent to $184,827, while condominium prices have risen two percent to $127,323.
     In Park City, home sales have decreased by two percent, and condominium sales have increased by 85 percent. The average price of a home in Park City is $485,000, which is three percent higher than last year. Condominium prices are down 18 percent, with the average price of a condominium in Park City at $239,000.
     In the Washington County Area, home sales increased three percent, with the average price of a home increasing nine percent to $174,197. Condominium sales rose 46 percent, with a 14 percent price increase. The average price of a condominium in the Washington County Area is $130,945.
     The Tooele County Area reported an 11 percent drop in home sales, with a slight increase in the average sales price. The average price for a home in Tooele County is $124,422.
     The Cache/Rich Area reported a slight increase in the number of homes sold, with an eight percent increase in price. The average price of a home in the Cache/Rich Area is $138,545. In the Brigham/Tremonton Area, sales were down ten percent, with an average home price of $108,515, which reflects an eight percent decrease as compared to last year.
     In the Carbon/Emery Area, home sales were up 16 percent, with an average home price of $84,462, which is up six percent from the second quarter of 2002. In Central Utah, home sales were down 12 percent with a 13 percent increase in price. The average home price is $91,245.
     The Grand/San Juan Area reported a 14 percent increase in home sales and a 43 percent drop in condominium sales. The average price of a home in the area increased three percent to $121,114, with the average price of a condominium increasing two percent to $163,750.
     In Iron County, home sales increased by two percent, with an average price of $128,160. The Iron County Area also reported no increase or decrease in condominium sales, with an average price of $71,118.
     In the Uintah Basin Area, home sales decreased 18 percent, with the average home price rising five percent to $101,849. In Wasatch County, home sales fell 35 percent and home prices dropped by three percent with an average sales price of $182,203.
     Comparing the second quarter of 2003 with the first quarter of 2003, the average price of a home increased two percent. The number of homes sold during the second quarter of 2003 as compared to the first quarter of 2003 increased by 14 percent. An increase in sales is always expected during the summer months.
     The Utah Association of REALTORS® serves as "The Voice for Real Estate in Utah," representing more than 8,800 members involved in all aspects of the real estate industry.

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