Logan Home Prices Down 15.8% From Summer of 2007

While the overall number of Logan homes for sale is down, the number of short sale homes is not, and the percentage of listings that are short sales are rising. 6.54% of the total residential real estate listings on the MLS right now are short sales, the highest percentage of short sales Cache Valley has seen.

One of the main reasons we are seeing an increase in short sale listings, is because home prices are decreasing. There are less sellers that have equity, and so when borrowers get into financial trouble, short selling becomes one of their only choices.

Over the last three months the median sales price of homes in Cache County was $157,800, with an average of $168,711. In comparison, people that bought homes during the summer of 2007, the median sales price was $168,775 and the average sales price was 15.8% higher at $200,442.…