Higher home prices and a shortage of inventory slowed single-family home sales in the second quarter in Salt Lake County, while sales of multifamily homes (condominiums, townhouses and twin homes) climbed sharply, according to a report from the Salt Lake Board of Realtors.
In the second quarter, there were 3,396 single-family homes sold in Salt Lake County, nearly the same number of homes sold in the second quarter of 2020, when COVID-19 stifled sales. However, when compared to the second quarter of 2019, a year unaffected by the pandemic, single-family home sales in this year’s second quarter were down 10 percent.
There were 1,455 sales of multifamily homes in Salt Lake County, up 28 percent compared to 1,140 sales a year earlier.
The median price of a single-family home in the second quarter in Salt Lake County increased to $530,000, up 29 percent year-over-year. The median price of a multifamily unit climbed to $368,000, up 27 percent compared to the second quarter of 2020.
“Higher home prices are driving more buyers to condominiums and townhouses,” said Matt Ulrich, president of the Salt Lake Board of Realtors. “The typical multifamily home was roughly $160,000 less in price than a single-family home in the second quarter.”
The board also reported that more buyers are looking outside of Salt Lake County, which posted the highest median home price of the five-county Wasatch Front area. The top Northern Utah cities in single-family home sales in the second quarter included Eagle Mountain, Tooele, Lehi, Clearfield, Saratoga Springs, Farr West, Herriman, Roy, American Fork and Marriott-Slaterville.
New home listings in Salt Lake County in the second quarter fell to 5,610 units, down 7 percent compared to the same period in 2020.
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