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By JEFF DEMOSSDavis, Weber home sale numbers fall
OGDEN -- Like most of the nation, sales of existing homes in Davis and Weber counties fell by double digits in March compared with last year.
But contrary to the national trend, local prices are still rising, according to the Weber/North Davis Association of Realtors.
Realtors sold 233 existing homes in Weber County last month, a decline of nearly 35 percent from March 2007, but up from 211 in February. In Davis County, March sales totaled 279. That was down more than 25 percent from a year earlier, but up from 235 in February.
Cal Musselman, president of the local Realtors' association, said sales picked up last month as warmer weather moved in.
"It happens every year," Musselman said. "As soon as there's a warming spell, we see a rush of buyers."
Nationwide, sales of existing homes were down 19.3 percent last month compared with March 2007, the National Association of Realtors reported Tuesday.
While the average sale price in the United States fell 7.7 percent to $200,700 in March, Utah prices continued to rise.
The average price in Davis County was up more than 2 percent last month to $255,000. In Weber County, the $198,000 average was 8.6 percent higher than a year earlier.
"Values are almost strangely staying up real high," said Randy Benoit, associate broker with Prudential Utah Real Estate in Layton. "The biggest issue has been a large inventory."
Benoit said a glut of unsold homes on the market has prompted builders to pull back on new construction in recent months, which will help reduce inventories and bring the market back into balance. Despite seven consecutive months of declining home prices nationwide, he said Utah should continue to see small price increases, at least through this year.
"In the worst case scenario, I think we would see prices go flat, or maybe a 1 or 2 percent decrease," he said.
Utah had the fastest-growing home prices in the nation last year, according to federal government data. The state went from last in appreciation in 2004 to first in 2007.
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