Nearly 900 condominiums, townhomes and twin homes in Salt Lake County were sold by Realtors® in the third quarter, a 35 percent increase compared to the same period in 2012. The sales marked a seven-year high compared to previous third quarters.
The run-up in condo sales as a percent change surpassed the increase in single-family home sales, which slowed to single-digit gains (6 percent) in the third quarter as higher home prices and rising mortgage interest rates pushed some buyers out of the market.
In the July-August-September period, the median sales price of condos increased to $170,000, up 17 percent compared to the median price in the same quarter last year.
Approximately 3,300 single-family homes were sold by Realtors® in the third quarter, a 6 percent increase compared to 3,100 home sales in the third quarter of 2012. In previous quarters, home sales in the Salt Lake area showed double-digit increases. The median single-family home price in the third quarter in Salt Lake County climbed to $255,000, a 17 percent jump compared to a median price of $218,000 last year during the same quarter.
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