The Salt Lake City metro area saw existing-home sales in July surge 34.3 percent from a year ago — a sign that consumers are growing more confident about the local economy. At the same time, pending sales jumped 37.6 percent year over year.
Still, Utah’s state capital and largest metropolitan area continues to experience falling home prices and a glut of distressed properties.
In Salt Lake City, more than 1 in 4 homes with mortgages were either underwater or close to being upside down with negative equity in the second quarter of 2011, according to CoreLogic, a real estate research firm.
This report highlights real estate market statistics and trends in the Salt Lake City metro area and includes a chart with detailed market data and commentary from local real estate professionals.
The median sales price of an existing home in the Salt Lake City metro area in July declined 16.3 percent to $189,000 from a year ago despite a double-digit jump in closed transactions, according to the Salt Lake Board of Realtors.