Third Quarter 1998

UTAH ASSOCIATION OF REALTORS
[Figures reflect sales reported by each Board's Multiple Listing Service.]

Third Quarter 1998 Market Report BOARD	# of Sales 3rd Qtr. 1997	# of Sales 3rd Qtr. 1998	# of Sales % Up/ (Down)	Avg. Sales Price 3rd Qtr. 1997	Avg. Sales Price 3rd Qtr. 1998	Avg. Price % Up/ (Down)
Brigham/ Tremonton	63	87	38.10%	$104,131	$109,270	4.94%
Cache/Rich	165	242	46.67%	$120,284	$122,570	1.90%
Carbon/Emery	67	51	(23.88%)	$80,613	$72,128	(10.53%)
Central Utah	62	80	29.03%	$81,241	$96,477	18.75%
Grand/San Juan	13	29	123.08%	$106,667	$120,534	13.00%
Iron County	95	92	(3.16%)	$104,195	$103,760	(0.42%)
Ogden	1,019	1,046	2.65%	$122,181	$129,028	5.60%
Park City - homes - condos	159 122	146 135	(8.18%) 10.66%	$380,835 $310,828	$402,670 $302,700	5.73% (2.61%)
Salt Lake - homes - condos	2,997 409	2,844 439	(5.11%) 7.33%	$154,974 $112,298	$165,621 $166,165	6.87% 47.97%
Tooele County	140	112	(20.00%)	$111,156	$116,729	5.01%
Uintah Basin	66	68	3.03%	$77,266	$85,548	10.72%
Utah County	806	984	22.08%	$134,201	$148,432	10.60%
Wasatch County	26	32	23.08%	$178,171	$205,766	15.49%
Washington County - homes - condos	221 135	285 117	28.96% (13.33%)	$137,934 $118,072	$141,669 $106,381	2.71% (9.90%)

3rd Quarter/1998 Utah Average Sales Price for Homes = $154,197

UTAH REALTORSÒ REPORT AN INCREASE IN SALES
FOR THIRD QUARTER 1998

SALT LAKE CITY B Single-family home sales in Utah increased slightly during third quarter 1998, according to figures released today by the Utah Association of REALTORS⁷ (UAR). Statewide, sales rose 15.97 percent compared to third quarter 1997, while home prices rose 4.75 percent over the same quarter last year.

AHome sales are continuing to increase this year due mainly to sustained low interest rates,@ said Ed Tugaw, UAR president. AWe find that these increases are consistent throughout the majority of the state.@

Home prices showed healthy growth among the UAR boards. The average price of a single-family home in third quarter 1998 was $154,197, up $4,129 or 4.75 percent from third quarter 1997. A comparison of third quarter 1998 figures with second quarter 1998 shows a decrease in the average home price by 6.15 percent. When excluding Park City homes B whose robust average sale prices of $402,670 skews overall quarterly data B third quarter 1998 has an average sale price of $148,102.

AThe average sales price reduction from second quarter 1998 to third quarter 1998 is caused primarily by an increased inventory of homes on the market,@ said Tugaw. AAs a result, asking prices are lower due to increased competition. This is healthy because rising home costs begin to level.@

In Northern Utah, the Brigham/Tremonton Board of REALTORSÒ reported a 38.1 percent increase in sales of single-family homes in the third quarter of this year versus third quarter 1997, with an average sale price of $109,270; the Cache/Rich Association of REALTORSÒ in Logan reported a 46.67 percent increase in sales from the same period in 1997, with an average price of $122,570; and the Tooele County Board of REALTORSÒ reported a 20 percent drop in home sales at an average sale price of $116,729. The Greater Ogden Area Association of REALTORSÒ experienced a 2.65 percent increase in home sales at an average sale price of $129,028.

The Salt Lake Board experienced a 5.11 percent decrease in home sales from the same period in 1997, at an average sale price of $165,621, and reported a 7.33 percent increase in condominium sales at an average sale price of $166,165.

The Carbon/Emery Board of REALTORSÒ reported a 23.88 percent drop in home sales at an average price of $72,128; the Central Utah Board reported a 29.03 percent increase in home sales during the third quarter 1998, with an average sale price of $96,477; and the Grand/San Juan Association of REALTORSÒ in Moab reported a substantial 123.08 percent increase in home sales, with an average sale price of $120,534.

The Uintah Basin Board of REALTORSÒ experienced a 3.03 percent increase in home sales during the third quarter, versus third quarter 1997, at an average sale price of $85,548. The Utah County Association of REALTORSÒ reported a 22.08 percent increase in home sales from third quarter 1997, with an average sale price of $148,432.

The Park City Board experienced an 8.18 percent decrease in sales of homes at an average sales price of $402,670, and a 10.66 percent increase in condominium sales at an average sale price of $302,700. Wasatch County reported a 23.08 percent increase in home sales at an average sale price of $205,766.

In Southern Utah, the Washington County Board of REALTORSÒ reported a 28.96 percent increase in home sales during third quarter at an average price of $141,669 and a 13.33 percent decrease in condominium sales at an average price of $106,381. The Iron County Board of REALTORSÒ reported a 3.16 percent decrease in home sales at an average sale price of $103,760.

The Utah Association of REALTORSÒ serves as AThe Voice for Real Estate in Utah,@ representing more than 7,500 members involved in all aspects of the real estate industry.

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