The real estate trends for Salt Lake County were much like they were for Davis County real estate during June. Home Sales were way down, but the homes that did sell sold for substantially more than the averages over recent months. Salt Lake home sales were down 15% compared with June 2009, and were down 18% from May. The median sales price during June was $218,000, the highest monthly median sales price in almost a year. This increase in prices isn’t because home values are going up in Salt Lake, but as result of less first time buyer sales. Most of the first time buyers closed prior to June as the tax credit deadline to get under contract was April 30th.

There are also a lot less under contract listings than there were a month ago. There are just 1,369 residential properties under contract in Salt Lake County right now. A month ago we saw 1,602 under contract homes.

Unlike Davis County Real Estate, the number of active home listings in Salt Lake are higher than they were a month ago. There are currently 7728 homes for sale in Salt Lake County. This is the highest inventory level Salt Lake has seen this year.

The bottom of the Salt Lake Real Estate market we saw the last few months was definitely artificial. It looks like it temporarily was propped up by the stimulus, but it looks like we will see a double dip.