JUNE HOUSING WATCH As Higher Home Prices Slow Single-Family Home Sales, Condo Sales Skyrocket
“There were 1,455 sales of multifamily homes in Salt Lake County, up 28% compared to 1,140 sales a year earlier.
Higher home prices and a shortage of inventory slowed single-family home sales in the second quarter, while sales of multifamily homes (condominiums, townhouses, and twin homes) climbed sharply. In the second quarter, there were 3,396 single-family homes sold in Salt Lake County, nearly the same number of homes sold in the second quarter of 2020, when Covid-19 stifled sales. However, when compared to the second quarter of 2019, a year unaffected by the pandemic, single-family home sales in this year’s second quarter were down 10%. There were 1,455 sales of multifamily homes in Salt Lake County, up 28% compared to 1,140 sales a year earlier.
In June, overall sales (all housing types) in Salt Lake County, fell to 1,764, down nearly 8% from June 2020. However, sales in the first six months in the county were up 5% compared to the same period in 2020. The median price of a single-family home in the second quarter in Salt Lake County increased to $530,000, up 29% year over year. The median price of a multifamily unit climbed to $368,000, up 27% compared to the second quarter of 2020. “Higher home prices are driving more buyers to condominiums and townhouses,” said Matt Ulrich, president of the Salt Lake Board of Realtors®. “The typical multifamily home was roughly $160,000 less in price than a single-family home in the second quarter.” Where are home buyers purchasing homes? More buyers are looking outside of Salt Lake County, which posted the highest median home price of the five-county Wasatch Front area. The top 10 cities in single-family home sales in the second quarter were: 1. Eagle Mountain 2. Tooele 3. Lehi 4. Clearfield 5. Saratoga Springs 6. Farr West 7. Herriman 8. Roy 9. American Fork 10. Marriott-Slaterville New listings in Salt Lake County in the second quarter fell to 5,610 units, down 7% compared to the same period in 2020.
28 | Salt Lake Realtor ® | August 2021
