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The area around Salt Lake City is booming with new home construction, but those homes come at a price. The Salt Lake Tribune reports:

A spokesman for Utah’s largest home builder, Ivory Homes, said escalating prices have led it to develop new home designs and development strategies over the past year to remain more affordable. The company now considers homes below $400,000 to be “moderately” priced for Salt Lake, Summit and Wasatch counties. And that same moderate price point is now at about $350,000 for homes in Davis, Weber, Tooele, Utah and Washington counties, said Ivory Homes’ senior economist, Michael Parker.

Average prices for a newly built home in Salt Lake County are now estimated to be just shy of $400,000. And even that listing price for a new home is considered a bargain in many pockets of the county.

“I’ve never seen any new construction for that price,” Petersen, with Windermere Real Estate, said. “I’d be all over it.”

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