Housing prices fell 6.58% last year in Utah

Utah housing prices depreciated 6.58 percent last year, just above the national average, according to the Federal Housing Finance Agency.

The agency's House Price Index, released Tuesday, showed home prices in the 50 states and the District of Columbia posted record declines in the fourth quarter of 2008. Nationwide, home prices fell 8.27 percent during 2008, the report said.

Among Utah metro areas, Logan was the only city with positive appreciation, ranking 32nd, with prices increasing 1.92 percent last year. St. George ranked 248 out of 292, with prices decreasing 13.28 percent in 2008, the report said.

Ogden-Clearfield ranked 141, with prices decreasing 1.54 percent. Salt Lake City came in at 171, as prices fell 3.37 percent during the year, and Provo-Orem ranked 191, as prices depreciated 4.54 percent.

Nationally, the seasonally adjusted purchase-only index was based on data from home sales. The report said the 3.4 percent drop from the third quarter of 2008 to the fourth quarter was the largest decline in the purchase-only index's 18-year history. Over the past year, seasonally adjusted prices fell 8.2 percent from the fourth quarter of 2007 to the fourth quarter of 2008. read more