Home Sales Up In June

Utah is no longer considered part of the West?

CNN reported today that ALL of the West experienced a drop in home sales. Once again our actual numbers reported by the Wasatch Front Regional Multiple Listing Service paint a very different picture. I think it is safe to say the number of homes sold in June are in and have been reported at 1,074 homes sold in Salt Lake County. This is up from May's 1,064, and Aprils 997. The average list price and reported sold price are both up as well. The average list price for June was $286,887 up from May's $281,180 and April's $278,355. The sold price is up to $279,401 up from May's $274,294 and April's $271,198.

Are you ready for the big number?

Home sales are up 69.13% since the beginning of 2008. The average sales price is up 4.2% in Salt Lake County since January of 2008. We have come a long way this year and are hitting some very positive numbers.
Do you remember the last housing crisis?

If we are in a housing crisis this year with the total number of homes sold for June at 1,074 then by that very definition you must clearly remember the housing crisis of 1996, 1997, 1998, 1999, 2000, 2001, and 2002 right? Well don't feel bad I don't remember those housing crisis years either and we are above or close to June numbers for all of those years.

Homes sold in June Historically:

1996 - 933
1997 - 886
1998 - 1027
1999 - 1146
2000 - 1173
2002 - 1158
2008 - 1074

If those years were not considered "Housing Crisis" years than it must be said that in the best of those years 99 home sales separate a "good year" from a "crisis year". What can be said for 1996 and 1997? We had sold 208 fewer homes in June of 97 and 141 fewer in June of 1996. How did we ever manage to pull out of that one?

Ignore the negativity and do what makes sense to you:

We have not had a crisis year in Utah. In fact historically we have not had a crisis year. We have sold a few less homes this year than last year. Our property values continue to increase and we have better and safer loan choices available to us now. We are not a dramatic state in increase or in decline so don't expect dramatic headlines from me. If it makes sense for you to sell your home or a buy a new one, if you need to down size or your family is growing, you can feel safe that you are in a great place to do so.