SEPTEMBER HOUSING WATCH September Marks the Fourth Consecutive Month of Rising Home Sales “Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season,” said Lawrence Yun, NAR’s chief economist.
Home sales in Salt Lake County climbed 18 percent in September, the fourth consecutive month of rising sales year over year. The recent sales increases have now erased the downturns experienced earlier this year tied to the Covid-19 pandemic. Sales in the county from January through September climbed to 13,841 sales, up 1 percent compared to sales in the same nine-month period in 2019.
In neighboring Davis County, sales in September were up 3 percent. Year-to-date sales increased to 3,696 closings, up 2 percent compared to the same January through September period in 2019. Nationally, total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 20.9 percent from a year ago (5.41 million in September 2019), according to the National Association of Realtors®. “Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season,” said Lawrence Yun, NAR’s chief economist. “I would attribute this jump to record-low interest rates and an abundance of buyers in the marketplace, including buyers of vacation homes given the greater flexibility to work from home.” The median home price for all housing types sold in Salt Lake County in September increased to $385,000, up 10 percent from $349,450 a year earlier. In Davis County, the median price reached $380,000, up 13 percent from last year’s median of $336,000. The U.S. median home price in September was $311,800, up 15 percent from September 2019. “There is no shortage of hopeful, potential buyers, but inventory is historically low,” Yun said. “To their credit, we have seen some homebuilders move to ramp up supply, but a need for even more production still exists.” Sales in vacation destination counties have seen a strong acceleration since July, with a 34 percent year-over-year gain in September. Additionally, a recent NAR study confirms that many Americans continue to seek new living situations due to the coronavirus pandemic. In Salt Lake County, properties were on the market for 25 days, down from 37 days a year ago. Across the U.S., properties remained on the market for 21 days in September – an all-time low – seasonally down from 22 days in August and down from 32 days in September 2019. Seventy-one percent of homes sold in September 2020 were on the market for less than a month. “Home sales flourished this past month, even as we contend with an ongoing and unforgiving pandemic,” said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, Calif. “I couldn’t be prouder of all the brokerages and Realtors® who have helped us navigate these challenging times to ensure our nation’s economy continues moving forward.”
28 | Salt Lake Realtor ® | November 2020
