Sales of single-family homes in Salt Lake County rose 5.1% in the last quarter of 2016, contributing to a strong year for the county’s housing market.
Dave Anderton, Salt Lake Board of Realtors spokesman, said that the 13,600 single-family houses changed possession in the previous year, up 1.3% compared to 2015. The growth is considered to be the third largest increased since the pre-recession years between 2006 and 2007.
A factor for the strong performance of the county’s residential real estate has to do with Utah’ economy, low unemployment, and interest rates. Home mortgage rates in Salt Lake City, for example, are priced at attractive levels that lead buyers to consider applying for them.
The median sale price for houses in Salt Lake County sold in 2016 amounted to $290,000, according to Anderton, who said that the most popular areas among buyers are ZIP codes with several cheap properties.
Some of these areas include Clearfield, Farr West, Kearns, Lehi, Taylorsville and Tooele. The highest number of transactions occurred in Kearns and Taylorsville, where sales rose 18% to 217 homes sold at a median price of $218,000.
The sales in Salt Lake County accounted for 44% of residential property deals helped buoy the five-county Wasatch Front.
As home sales throughout Utah continue to be strong, cities and other metropolitan areas have implemented ways to reduce the environmental impact of not just residences, but also those coming from commercial properties.
In Salt Lake City, Mayor Jackie Biskupski has proposed an ordinance that will require big commercial buildings to submit an annual energy usage report, while some properties will be required to implement certain upgrades every five years for better performance.
These and other sustainable measures are important to ensure that cities and counties in Utah remain as inhabitable and environment-friendly as possible.