September was a solid month for home sales in Cache County Utah. The 124 residential homes sold marked a 36% increase from September of last year. This was the best September for home sales since 2006.
While home sales are up, we’re also starting to see an increase in real estate values. During September, the average sales price of residential homes was $175,899 with a median of $166,662.
The average sales price of 415 homes sold during the summer of 2012 was $181,947 with a median at $162,000. The average sales price of 478 residential homes sold this summer is $190,426 with a median price at $171,000. Depending on the metric you use to measure, home values are up between 4.5 and 5.3%.
At Septembers home sales pace, the local real estate market is considered “neutral.” There is currently a 5.37 months supply of residential homes for sale. The 705 actively listed homes is up from 621 in October of last year.