Buying a Salt Lake City Home? Check These Stats!
Thinking of buying a home in Salt Lake City? Looking for trends to help you evaluate the market? Like to compare whats happening nationally before you commit to that foreclosure in Herriman? Here are some stats for you to start.
According to the National Association of Realtors®, previously owned Homes and Condominium sales rose each month for the last 3 months. That eased inventory pressures and caused prices to decline less sharply around the country.
So said the editor @ Real Town, a Real Estate Industry authority and publisher of numerous blogs and forums. I'm going to share with you some of the comments made in the article to give you an idea about some of the national statistics and opinions about whats going on in Real Estate that could help with local home buying or selling decisions. You can read the entire article @ Market Conditions.
Here are some national statistics worth noting if your looking to buy a house in Salt Lake City.
- Existing home sales including condos increased by 3.6% in June.
- That's only 0.2% lower than a year ago.
- Lawrence Yun, NAR chief economist "We expect a gradual uptrend in home sales".
- Home mortgage rates rose to 5.42% in June from 4.86% In May.
- The rate for a conventional home mortgage was 6.32% in June of 2008.
- Available existing homes for sale were down .4% from May.
- Homes for sale inventory is 14.9 below a year ago.
- NAR showed first time buyers accounted for 29% of all housing transactions.
- Number of buyers looking for homes for sale is up almost 12% over last year.
- Median price for a home has declined 15.4% over the last year.
- Condominium sales increased 14% since June of 2008.
- Number of existing home sales in the West increased by 11.5% last year.
- The median price of homes sold last year was down 24.9% from June 2008.
So there you have it some pretty good numbers from which to help you spot trends and make your own decisions about buying a home in Salt Lake City.
Remember though, all Real Estate is local.
The fact is, even in Salt Lake you don't want to paint with too broad a brush. The numbers published in this article are national and can't be used to predict what's happening in a particular area in which you are interested. These stats are only provided to give our clients some suggestions about what to look for, and what questions to ask.
Homes for sale in Sandy UT are priced differently than West Jordan homes for sale, and there may be more foreclosures from which to choose in Draper than in Murray UT. Real Estate Values can be differ within just a couple of blocks in SLC.
Your local Realtor can provide you the kind of information you need to make informed home buying decisions. Ask them.
To research additional reports and articles, stop by our website @ Salt Lake Real Estate check out our blog, and enjoy the many Real estate tools we provide our clients.
If you don't have a Realtor, give us a call @ 801-567-0946.
We'd like to talk to you about Buying a Home in Salt Lake City Utah.