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I want to share with you some Salt Lake Housing numbers that are hot off the press for May 2018.
In 2017 in May, the sales comparison: We had 1,781 homes in May of last year. This year, we’re down 6% to 1,680. We have low surplus, or we have a shortage of homes on the market. Because of that, the next number is an increase in the price. The median home price went from 300,000 in May 2017 to 320,000 in May of this year, and our median days on market reduced a little bit as well from 11% from 28 days last year in May, and now 25 days this year.
Because of an increase in, well, low supply and high demand, we’ve got lower days on market as well. Pending sales, now this is homes that are in escrow or under contract. It went from 1,772 in May to 1,792, so a slight increase. We’ll probably see that in June, the numbers are a little bit up from May, and comparatively speaking as well. Those are our numbers, and I’m going to be sharing this with you, I hope, on a monthly basis or as often as I possibly can as I get these numbers in.