Home price trends in Salt Lake City

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City-by-city price comps
Salt Lake City

Sales prices need to experience the same type of exhilarating drops that skiers flock to the region to enjoy. Home prices remain too high — 34 percent above equilibrium — according to Local Market Monitor. New home construction has fallen with a 57-percent decline in single-family permits from December 2007 to December 2008. Look for another down year before prices hit bottom.

Median price end of 2008: $225,400
Median price end of 2007: $229,100
Percent change: -1.6%
Projected change through Q3 2009: -15.1%
Affordability rating: 5.1
Foreclosures in 2008:
(1 for every 58 households)
Foreclosures in 2007:
(1 for every 102 households)
Change in foreclosures: 79.5%
Expected to hit bottom: Q2 2010
Percent drop needed to reach bottom: -20.4%
Current rate comparison
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Price trends
Q1 2008 national median price: $196,100
Q2 2008 national median price: $206,400
Q3 2008 national median price: $200,400
Q4 2008 national median price: $180,100
Q1 2008 local median price: $225,700
Q2 2008 local median price: $234,200
Q3 2008 local median price: $230,200
Q4 2008 local median price: $225,400

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