Despite higher interest rates, Utah's real estate industry continued strong in the second quarter, according to figures compiled and released this week by the Utah Association of Realtors.
The average price statewide of a single-family home rose to $114,522 during April, May and June. That was $3,922 more than the average price of a home nationwide and the first time the local average has topped the national since the UAR has been tracking local costs, said Max Thompson, president.But the average price of a home in Utah is still below that of the Western states and the Salt Lake City metro area remains one of the most affordable in the nation, said Thompson.
"Utah has managed to maintain a healthy seller's market since the supply of housing in the state continues to fall behind the high demand," he said.
Area reports within the state are as follows:
Salt Lake - The Salt Lake Board of Realtors reported a 26.5 percent increase in single-family home sales in second-quarter 1994 over the same period in 1993. Average sales price was $125,011. Condominium sales rose 7.5 percent for the period and sold for an average of $84,890.
Utah County - The Utah County Board of Realtors said home sales jumped 41.7 percent in the second quarter over the '93 period. Average price was $120,739.
Park City - The Park City Board of Realtors said second-quarter sales of houses and condominiums increased 23 percent over the same period with the average house selling for $279,150 and the average condo for $200,113.
Utah County - The local board reported a 41.7 percent increase in home sales for the second quarter '94 over the period last year, with an average sales price of $120,739.
Northern Utah - The Brigham/Tremonton board in Brigham City reported a 38 percent increase in home sales. No average price was available.
Logan - The Cache/Rich board said home sales were up 22.3 percent in the '94 quarter over the '93 period. No average price was available.
Tooele - The local board said sales soared 66 percent for the quarter with the average home selling for $71,202.
Ogden - The Greater Ogden Board reported an 8.7 percent increase in single family home sales at ab average price of $90,231. Condominium sales were up 9.3 percent and sold for an average of $65,906.
Carbon/Emery - The Carbon/Emery Board of Realtors said homes sales increased 9 percent in the second quarter and the average sale was $44,537.
Central Utah - The Central Utah board reported a 40 percent decline in home sales for the quarter. Average selling price was $63,606.
Grand/San Juan - The Grand/San Juan Board in Moab reported a total of 28 home sales in the first quarter at an average price of $85,191. A new board, no '93 comparable data was available.
Uintah - The Uintah Basin Board reported 110 home sales in the second quarter at an average price of $62,220. Comparable data for last year was not available.
Washington County - The Washington County Board in St. George reported a 54.8 percent increase in home sales for an average price of $106,437. The board also reported 31 condo sales at an average price of $93,871. No comparable condo sales for last year were reported.
Iron County - The Iron County Board in Cedar City reported 55 home sales at an average price of $90,403. Comparable figures for last year were not available.
Wasatch County - No figures were available.