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

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A STRONG FINISH FOR HOME SALES IN 2002
Utah Association of REALTORS® releases fourth quarter's statistics

     Murray, Utah - According to the Utah Association of REALTORS® (UAR), there was a 31 percent overall increase in the number of single-family homes sold during the fourth quarter of 2002 in comparison to the same period last year. Only two of the 14 areas reporting listed a decrease in sales. The remaining 12 reported an increase in single-family home sales. All six of the areas reporting condominium sales reported an increase in the number of condominiums sold.
     The average sales price of a home in Utah is $159,665. This is a four percent increase as compared to fourth quarter 2001. These numbers exclude statistics from Park City, which tend to inflate the average.
"The housing market in Utah saw phenomenal growth in the fourth quarter of 2002," says UAR President Mike Sloan, "Mortgage interest rates in 2002 were the lowest we've seen in over 30 years. This created a great market for first-time homebuyers and those who wanted to trade-up to larger homes. The housing market never lost momentum the entire year."
     In the Salt Lake Area, there was a 34 percent increase in the number of homes sold during the fourth quarter of 2002 as compared to the fourth quarter of 2001. Condominium sales were up by 21 percent. The average price for a home in the Salt Lake Area is $185,149, which is up two percent from last year at this time, and the average price of a condominium in the Salt Lake Area is $134,847, which is up one percent from last year.
     Home sales in the Greater Ogden Area increased by 54 percent, while condominium sales increased 32 percent. The average price for a home in the Greater Ogden Area is $139,342, up two percent from last year's price. The average price for a condominium has dropped seven percent to $93,281.
     Utah County reported a 14 percent increase in the number of homes sold, and a 25 percent increase in the number of condominiums sold. Home prices have risen five percent to $181,215, while condominium prices have risen 11 percent to $123,785.
     In Park City, home sales have increased by 40 percent, and condominium sales have increased by 119 percent. "There are a number of new condominium developments in the Park City area," says Sloan, "and this accounts for the sizeable increase in condo sales."
The average price of a home in Park City is $407,000, which is in line with last year's fourth quarter average. Condominium prices are up 17 percent, with the average price of a condominium in Park City at $326,000.
     The Cache/Rich Area reported a 25 percent increase in the number of homes sold, with a ten percent increase in price. The average price of a home in the Cache/Rich Area is $140,886.
In the Washington County Area, home sales increased by 14 percent, with the average price of a home increasing nine percent to $163,938. Condominium sales rose 48 percent, with an 18 percent price increase. The average price of a condominium in the Washington County Area is $122,441.
     In the Carbon/Emery Area, home sales were up 29 percent, with an average home price of $87,745. In Central Utah, home sales were up six percent and the average price of a home dropped three percent to $98,466.
     The Grand/San Juan Area reported a 21 percent increase in home sales and a 20 percent increase in condominium sales. The average price of a home in the area increased 13 percent to $127,440, with the average price of a condominium increasing ten percent to $181,400.
In Iron County, home sales increased by 12 percent, with an average price of $132,129. In the Uintah Basin Area, home sales increased 11 percent, with the average home price remaining steady at $98,364. In Wasatch County, home sales increased by 74 percent as home prices decreased by 33 percent with an average price of $192,268.
     The two areas reporting a decrease in sales were Tooele County and the Brigham/Tremonton Area. In Tooele County, home sales were down one percent, with a ten percent increase in price. The average price for a home in Tooele County is $129,086. The Brigham/Tremonton Area reported a 16 percent decrease in the number of homes sold, with the average home price at $110,397, which is down 2 percent as compared to fourth quarter 2001.
     Comparing the fourth quarter of 2002 with the third quarter of 2002, the average price of a home decreased one percent. The number of homes sold during the fourth quarter as compared to the third quarter of 2002 decreased nine percent. "This is not unusual," says Sloan, "fewer people move in the winter, so there is always a fluctuation in the numbers during this time of 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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