The Salt Lake housing market is booming, with total sales volume climbing to $967.7 million in June, up 19 percent from $813.2 million a year earlier, according to UtahRealEstate.com.
Overall, there were 1,748 homes — including single-family, condominiums, townhouses, mobile and recreational — sold in Salt Lake County in June, down nearly 8 percent from 1,898 sales in June 2020. Single-family sales were down nearly 14 percent for the month, while multifamily sales were up 6 percent. Overall housing sales were also down in Davis, Utah, Tooele and Weber counties.
From January through June, home sales in Salt Lake County were up 5 percent compared to the same six-month period in 2020. This year’s home sales could surpass the record of 19,200 homes sold in 2020, when final figures are compiled.
The median price of all housing types sold in June in Salt Lake County climbed to $473,750, up 26 percent from a median price of $375,000 in June 2020. The median price of a single-family home sold in Salt Lake County in June reached an all-time high of $551,000, up 31 percent from $420,000 in June 2020.
“The slight decline in sales in June was attributable to fewer listings and rising home prices,” said Matt Ulrich, president of the Salt Lake Board of Realtors. “Utah accumulated an underbuilding gap of 45,000 units over the past decade. A severe lack of new construction has led to an acute shortage of available housing and an ever-worsening affordability crisis. On a bright note, there were nearly 32,000 Utah residential permits issued for new housing units in 2020, a record. If we continue to build 30,000 units per year, it will still take us 10 years to erase the housing gap.”