The Wasatch Front real estate market continues its recovery from the Great Recession, with the Salt Lake Board of Realtors reporting Monday that Salt Lake County saw an 11 percent increase in the median price of homes sold in the third quarter over the same period last year, while the number of homes that sold also rose by double digits.
The rise in the median price was the first time in five years that home sale prices increased in a third quarter, and the second consecutive quarter in which they rose. Home prices in the second quarter increased 6 percent year-over-year, also the first time that has happened in the five years since the nation's housing bubble began to pop.
Donna Pozzuoli, president of the Salt Lake Board of Realtors, said the recent price increases are in part the result of low inventory levels. In the July-September period there were 3,938 homes listed for sale in Salt Lake County, the lowest level for a third quarter since 1997 when 2,838 homes were listed for sale.