Park City, Utah, while seeing a noticeable downturn in the number of closings in some areas, continues to see home values increase.
Locals report, "The Utah economy is growing at a rate of 5.4 percent, over four times the national average. Job growth is up about 4 percent; unemployment is low."
The median sales price for the area is $1,062,500, with prices ranging from the $350,000's to nearly $2 million. Homes are averaging 101 days on the market.
Notes one local expert, "While national real estate news is starting to sound sour, Park City continues to have great value. While some local areas are showing a market slow down, this may have been expected, due to the record years of 2005 and 2006. However, certain areas like Old Town and Upper Deer Valley are on pace to surpass or meet the fantastic [sales] volume of 2006."
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