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Salt Lake County home prices take slight dip in August

Sale sign outside Denver home
Posted at 10:07 AM, Oct 06, 2023

SALT LAKE COUNTY, Utah — After half a year of increases, the median price for a single-family home in Salt Lake County saw a little dip in August.

The Salt Lake Board of Realtors reported a 2% price decrease for single-family homes within Utah's most populous county.

In July, the median price was $610,000 while in August, the price dropped down to $600,000.

In August 2022, the median home price was $604,000.

The monthly report also states an 11% decrease was seen in units sold in August. The category includes single-family homes, condominiums, townhomes and twin homes.

Surrounding counties also saw declines in units sold with a 27% decrease in Utah County and a 16% decrease in Davis County during the month of August.

The Salt Lake Board of Realtors cited escalating interest rates as the reason why buyers are being dissuaded.

For those looking to sell, properties stayed on the market for an average of 22 days, which is similar when compared to August 2022, the report states. However, listings under contract in August saw a 28% decline from the previous year.

The slight dip in prices comes after Salt Lake County saw six months of steady increases from February to July.