The real estate market in Utah continued strong in the second quarter with most of the 13 boards of Realtors reporting gains in single family home sales over the same period last year.
The increases reflects the resurgence of sales nationwide in the second quarter following a real estate recession in many areas of the country, said Claudia Ashby, president of the Utah Association of Realtors which represents some 4,000 industry members.The National Association of Realtors reported the number of unit sales across the country in June was the highest since January 1989, even though interest rates moved slightly upward. The national board indicated that "up-tick" in rates may have spurred "rate watchers" into action.
"When rates go up, people often will go ahead with their purchases rather than risk further increases," said Harley E. Rouda, NAR president, in a release.
He said the combination of low rates and price stability created a "window of opportunity" for entry-level buyers as well as those seeking to move up.
Here are the second-quarter figures reported by Realtor boards throughout Utah:
SALT LAKE AREA - The Salt Lake Board of Realtors said home sales were up 14 percent for the quarter over a year ago with most buyers using FHA financing. Average sales price of a house in the area was $87,119.
UTAH COUNTY - The board reported a 7 percent increase in home sales in the second quarter. Average selling price was $82,285 with most buyers financing their homes through FHA.
PARK CITY - Realtors reported 105 homes sold in the second quarter with an average price of $213,428. The board also reported 115 condominium sales with an average price of $100,260.
TOOELE COUNTY - Realtors logged a 93 percent gain in Tooele County in the second quarter with an average sales price per home of $59,614. Most buyers used conventional financing.
OGDEN - An 11 percent rise in home sales was reported in Ogden for the second quarter with an average sales price of $71,643.
BRIGHAM/TREMONTON - The board reported a 60 percent increase in single family home sales in the second quarter 1991 over the same period in 1990. Average selling price was $69,784 with most buyers using FHA financing.
WASATCH COUNTY - The board in Heber City reported an 83 percent increase in the second quarter over a year ago with homes selling for an average of $82,044. Most buyers used conventional financing.
WASHINGTON COUNTY - The board in St. George said home sales increased 39 percent in the second quarter with most buyers paying cash.
LOGAN - The board said 115 single-family homes were sold in April, May and June with an average price of $74,347.
UINTAH BASIN - The Board of Realtors in Roosevelt reported a 28 percent decrease in home sales in the second quarter compared to a year earlier. Average selling price was $48,381.
CARBON/EMERY - In Price, the board reported an 11 percent gain in home sales for the quarter with an average sales price of $60,243.
CENTRAL UTAH - The board in Richfield did not report total sales or percentages but said the average selling price in the second quarter was $49,230.
IRON COUNTY - The board did not report sales figures but said the average selling price was $59,285 in the second quarter.