A LOOK AT SALT LAKE HOME SALES DURING FIRST 7 MONTHS OF 2014 The Salt Lake Board of Realtors® reported 8,431 homes were sold in Salt Lake County in the first seven months of 2014 (January through July). That represents a 4 percent drop in sales compared to 8,820 sales during the same period in 2013. The median home price over the seven-month period climbed to $230,000, up 3 percent compared to $223,000 last year. During the month of July (most recent stats available) there was a 10 percent drop in closed sales compared to the same month a year ago. The median home price (all housing types) in July increased to $240,000, up 5 percent compared to a median price of $228,000 a year ago. Part of the slowdown can be attributed to tighter lending standards and rising home costs, which has priced out some first-time buyers. Lawrence Yun, chief economist for the National Association of Realtors®, said home sales across the country could increase 15-20 percent above current levels if mortgage lenders returned to more traditional credit standards. Yun further noted that average credit scores for conventional mortgages that had been approved over the past four years had been in the 760 to 770 range. That compares to 720 for a conventional loan during more typical times, and 660 for an FHA mortgage.
Posted on: Mon, 08 Sep 2014 22:29:38 +0000
Trending Topics
Recently Viewed Topics
© 2015