Home prices continue climb, up 9.2% in past year

Salt Lake County home prices continued to climb in the third quarter of 2018, according to a report last week from the Salt Lake Board of Realtors. The median single-family home price in the July-through-September period increased to $355,000, up 9.2 percent compared to a median price of $325,000 in last year’s third quarter. 

The strong prices were led by Alpine, where the median price sits at $355,000. {mprestriction ids="1,3"}

“Strong demand for homes is being driven by new household formations and net migration,” said Adam Kirkham, president of the Salt Lake Board of Realtors. “This has created a housing deficit that continues to push prices higher.”

Home prices increased across all Wasatch Front counties, including Davis, up 10.9 percent; Tooele, up 14.6 percent; Utah, up 11.3 percent; and Weber, up 9.6 percent.

The top 10 highest median prices in the third quarter by ZIP code area were: 1. Alpine (84004), $735,000; 2. Emigration Canyon (84108), $635,000; 3. Salt Lake City Avenues (84103), $614,000; 4. Holladay (84117), $562,089; 5. Draper (84020), $541,836; 6. Holladay (84124), $505,000; 7. Eden (84310), $487,450; 8. South Jordan (84095), $477,000; 9. Sandy (84092), $474,750; and 10. East Millcreek (84109), $470,500.

Sales of single-family homes in Salt Lake County were down 0.3 percent in the third quarter year-over-year. Sales in the second quarter fell 4.6 percent. Davis County saw sales fall 11.8 percent. Sales were flat in Tooele County. Utah County sales were down 1.4 percent. Sales in Weber County were up 9.6 percent.{/mprestriction}