Salt Lake City housing market continuing improvement trend
The housing market in Salt Lake City has shown remarkable improvements in the past few months. Economic strength indicators such as job growth and improving home prices could entice people to purchase one of the homes for sale in Salt Lake City.
According to ALTOSResearch, the median price for a single family home in Salt Lake City was $248,585 as of June 3, 2012. This is up from approximately $243,000 recorded on May 1, 2012. In addition to improving home values, properties are selling at an increased rate. The average property sold as of June 3, 2012 spent 159 days on the market. This is down from 166 days as of May 1, 2012.
"While the market still faces headwinds, the local economy and housing market are experiencing noticeable improvements. New home production is recovering well, and is expected to increase throughout the year," said Eric Allen, director of Metrostudy’s Utah/Idaho Region.
Those looking for a house in an improving market may want to consider searching the MLS listings in Salt Lake City for a new home.