Utah Real Estate Home Prices - Salt Lake City Home & Condo Prices | Housing Market Prices
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Utah Home Prices Still Increasing  

June 11, 2008

Home prices in Utah are continuing to increase. The average home price for the past 12 months, June 2007 – May 2008, is $254,103. The average for the previous 12 months was $248,704. The average home sold price increased by $5,399 or 2.12%. Data for this study was collected from the Wasatch Front Multiple Listing Service for the past 24 months.

The study found that the average listing price or “for sale price” increased by $9,683. Comparing the average listing price to the sold price results in an average difference of $4,284. Residential property owners tend to expect more for their homes than what they will eventually sell for. Not surprisingly, the average listing price increased by 3.7% compared with only 2.1% for sold properties, meaning that sellers’ expectations are increasing faster than the actual price rate for a sold home. Home buyers can expect to pay around $4,000 less than the seller's asking price for a home. 

The chart below shows current housing trends for residential prices in Utah:

 

Source: WFRMLS and realestatehomesUtah.com. Information deemed reliable but not guaranteed.