Home prices in Salt Lake City, Utah were up big year over year in the first quarter, Salt Lake Tribune staffer Mike Gorrell reports.
Last quarter, the median price was $340,000, up 13.3% over a year earlier ($300,000), in Salt Lake county while Utah County saw a similar percentage increase, according to data from the Salt Lake Board of Realtors. In Weber County, the median price rose 12.2% to $230,000 and 10.2% (to $297,000) in Davis County.
“Higher home prices are becoming a hurdle for many first-time home buyers,” said Salt Lake Board of Realtors President Adam Kirkham. “Demand for homes continues to outpace supply. The shortfall in housing units is likely to continue for several more years.”
After the number of Salt Lake County sales dropped in the fourth quarter of 2017 because so few homes were listed, enough single-family dwellings were on the market in the first quarter to boost sales by 5 percent over the same period a year earlier.
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