Looking at the Salt Lake home price data for the second quarter 2011, there are some signs that home prices seem to have stabilized. While year on year prices are down 5%, if we just look at the last two quarters we can see that home prices in the Salt Lake Valley actually saw a modest increase of 1.55% (I can’t remember the last time that happened). This increase reflects the stronger home sales data we have been seeing at the monthly level (see Home Sales Data for April 2011).
This strengthening of the housing market appears to be across both the single family and condo markets. The Downtown Salt Lake Condo market, which has really suffered over the last few years, rebounded in the second quarter with the median home sales price jumping 34%.
Now no one can be sure that we have hit the bottom, but at least the signs are more positive than we have been seeing for some time now.