The average sales price continues to increase in Salt Lake City, Utah, now reaching near $450,000.

While homes aren't appreciating at the same rate as in years past -- homes were appreciating near the 20 percent market -- they are currently rising around 3 to 5 percent for the year and many investors are still finding the area to be underpriced.

One local expert reports, "While things are not as hot as last year's market, existing home sales are very strong and prices are still appreciating."

The average days on the market are 46.

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