November sales drop in Salt Lake City

Not surprisingly, home sales dropped significantly in November. Just like the rest of the country, Salt Lake City saw a significant drop in the number of homes that sold. I don't think I was the only person who expected that to happen after all the financial troubles (TARP, etc.) in September/October. The national economic troubles scared a lot of buyers. Consumer confidence plummeted and it's not the least bit surprising to have home sales down significantly in the 30-60 day range. I hope to see home sales pretty flat through the hard winter months and an uptick in the Spring. The Deseret News article makes the point that stuff in the $200-250k range is still selling well and the overall affordability is back.

More later.....