Fewer available listings and higher home prices slowed home sales for the second consecutive month in July in Salt Lake County.
In July, there were 1,602 overall homes sold — including single-family, condominiums, townhouses, mobile and recreational — down 25 percent from 2,131 sales in July 2020, according to UtahRealEstate.com. July 2020 set a record for the most homes sold in a single month. In June, overall home sales fell 8 percent compared to June 2020.
Home sales were also down by double-digit percentages in Utah, Davis and Weber counties, the site reported.
“Home sales in July were down 6 percent compared to the five-year July sales average, 2015 through 2019, excluding July 2020, which was an outlier,” said Matt Ulrich, president of the Salt Lake Board of Realtors. “Multiple offers have slowed but the Salt Lake housing market remains very competitive. Instead of 30 or 40 offers on a listing, there are now usually five to 10 offers on a home.”
In Salt Lake County, the median price of all housing types in July was $475,000, up 24 percent from $383,000 a year ago. The median price of a single-family home increased to $550,306, up 28 percent from $430,000 in July 2020. The median price of a multifamily home reached $380,000, up 27 percent from $299,950 last year.
The typical Salt Lake area home was on the market just six days before it sold in July, down from 12 days in July 2020.