Between 2007 and 2008 home sales dropped 42 percent, falling from 15,300 homes sales to 8,800 home sales.
However, in 2009 home sales increased 9,100 sales, a 3 percent increase compared to 2008. The increase in home sales in 2009 suggests that 2008 was the bottom of the downturn. In 2010, as many as 10,000 homes could be sold in Salt Lake County, a nearly 10% increase compared to sales in 2009. Since the peak, single-family home prices have retreated 13%.
Local housing prices will continue their drift downward in 2010, falling another 3% to 5%, the report noted.
At the end of the fourth quarter, the median price of a single-family home in SL County was $222,000, down 13% compared to $255,000 at the peak of the market (third quarter 2007).
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