Home sales in Salt Lake County fell 21 percent in October compared to sales in October 2020, according to UtahRealEstate.com. It was the fifth consecutive month of falling sales compared to last year.
Despite the recent slowdown, home sales from January through October were down just 7 percent compared to the same 10-month period in 2020. This year is on track to be one of the top five years for sales. Salt Lake home sales reached a high in 2020 when more than 19,200 homes were sold.
The median sold price of all homes sold the county in October climbed to $477,000, up 23 percent compared to the median price of $387,750 in October 2020. The median price of a single-family home was $542,250, up 24 percent year over year. Multifamily home prices increased to $394,200, up 23 percent year over year.
“Higher prices and limited inventory have slowed sales,” said Matt Ulrich, president of the Salt Lake Board of Realtors. “While sales have recently slowed, multiple offers are commonplace on most properties. Home prices continue to rise.”
A typical home in Salt Lake County sold in just eight days in October, the same number of days as in October 2020. Total sales volume in October increased to $822.5 million, down 3 percent from $850.9 million in October 2020.
New listings for the month increased to 2,043, up 5 percent compared to 1,944 new listings in October 2020. Under-contract listings in October — listings where a seller has accepted an offer on the property, but the sale is not final — dropped to 2,376, down 20 percent from 2,985 under contract listings the same month last year.