Economists: Utah home sales market solid despite numerous challenges

Article from Salt Lake Tribune:

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Economists: Utah home sales market solid despite numerous challenges
By Lesley Mitchell The Salt Lake Tribune
Article Last Updated: 10/23/2007 07:48:26 AM MDT

After years of increases, home sales along the Wasatch Front were down sharply in the third quarter, compared with last year, while prices increased at a slower pace. In Salt Lake County, 2,712 homes changed hands in the July-August-September period, down 33.8 percent from the same three months last year, according to a new report by the Salt Lake Board of Realtors. Among other counties, Tooele had the biggest decline in sales, down 36.4 percent, followed by Utah County, down 33.9 percent. Sales in Davis County were down 24.3 percent, with Weber County, down 22.4 percent. The drops, at levels unseen in years, are in stark contrast to the steady increases in home sales seen since the early 2000s. "It's like we were speeding along at 150 miles per hour and now we're going the speed limit," said Gary Cannon, president of the Salt Lake Board of Realtors. "The market is just slower now, and we just need to get used to it." Slower sales have led to slower appreciation, which is tilting the landscape in favor of buyers. Median selling prices, which had been increasing in many areas along the Wasatch Front in excess of 20 percent in 2006 when compared with 2005, are rising at a lower rate this year. Price gains in Salt Lake County (read the remaining on http://www.sltrib.com/ci_7253946?source=email)