13% Increase in Home/Condominium sales in September

SALT LAKE BOARD OF REALTORS® REPORTS 13 PERCENT INCREASE

IN HOME/CONDOMINIUM SALES IN SEPTEMBER

24 October 2008 (Sandy) – Sales of existing single-family homes and condominiums in Salt Lake

County in September totaled 1,033 transactions, a 13 percent increase compared to 913 sales

in September 2007. September’s sales increase was the first time in 20 months (since January

2007) that showed a year-over-year increase in sales.

September’s sales were down a slight 1 percent compared to 1,046 sales in August.

“September’s year-over-year rise in sales came during a month of extreme negative economic

events,” said Jillinda Bowers, president of the Salt Lake Board of REALTORS®. “In September,

Fannie Mae and Freddie Mac were taken over by the government. The massive $700 billion

federal bailout plan was proposed and the stock market began to crash. Yet at the same time,

Salt Lake buyers were finding deals and buying homes.”

The median price of all properties sold in September was $220,000, down 2 percent compared

to a median price of $225,000 in September 2007.

The peak median price in Salt Lake County occurred in June 2007 at $243,000. Since then, the

median sales price in Salt Lake County has fallen 9.5 percent.

“We are back to where we were in 2006 in terms of pricing,” Bowers said. “In terms of the

number of homes we sell each month, we are comparable to sales volumes in 2002.”

(Information provided by the Salt Lake Board of Realtors)