Home prices fell in nearly nine out of every 10 U.S. cities in the first quarter of this year as first-time buyers looking for bargains dominated the market. 

The National Association of Realtors said Tuesday that median sales prices of existing homes declined in 134 out of 152 metropolitan areas compared with the same period a year ago. Prices rose in the other 18 cities.

Nationwide, sales of foreclosures and other distressed properties made up about half of the market.

Overall, sales dipped 6.8 percent from the year-ago period. The median sales price nationwide was $169,900, down 13.8 percent from a year ago. The median price is the midpoint, which means half of the homes sold for more and half for less.

That’s the bad news. 

Now for a little good news.

Salt Lake City is one of the 18 U.S. cities that is bucking this downward trend.  Salt Lake City is not doing as bad as the media would like you to believe. We have recently been named one of the country’s top 10 recession proof cities, according to a study done by Forbes.

Salt Lake City residents are in a relatively good position right now. Jobs are still being created, people are buying homes (although there needs to be more of that happening), and health services and education is growing. Things could be a lot worse.

In fact, the median sales price in the Salt Lake City metro area grew 1.9 percent this year over the last year, from $225,700 to $230,100.

Just another good reason to be happy to be living in Salt Lake City.

DoSLC