(KCPW News) The Salt Lake Board of Realtors reports that home sales in Salt Lake County decreased 6.5 percent in the third quarter of this year compared to the second quarter. But Board President Jillinda Bowers says although overall sales were down, West Valley City, Canyon Rim, and Herriman saw a surge in sales.
"And I think what you are seeing right now is I think you are getting a little more consumer confidence in the real estate market, because they are seeing that people are reducing their homes to get them sold, those that are really motivated. People really aren't buying out of emotion right now, but people are looking for a good deal. And I think our pricing is probably at a point where people feel like, yeah I think this is a fair deal," Bowers said.
The board also reports that the median price fell nearly 3 percent to $243,000 from this year's second quarter. And she adds that the average number of days a house in on the market has increased by 50 percent over last year. But Bowers says that even with a grim financial outlook nationally, she feels that home prices in Utah won't drop much further.
I guess the reason we can be optimistic is we have been through this market before, we've seen the peaks and valleys in the real estate market, and it kind of has to go through this to cleanse itself. And this year's maybe been a little scarier because of what has happened you know nationally, but as real estate agents we've seen it go up and down and we know that it does come back," Bowers said.
Although the board's third quarter comparisons cite a decrease in sales, a report released last week comparing sales for this September to last year's September sales found a 13 percent increase in sales. This increase was the first time since January of 2007 that showed a year-over-year increase in sales.