Home prices are mostly holding despite fewer transactions. That’s the headline for the third quarter of 2026 ending Sept. 30, according to The Park City Board of Realtors’ latest report. Credit: Courtesy of Park City Board of Realtors Single-family buyers kept showing up for the right hom e, even as fewer of them closed, the report said. Land sales extended a run of outsized gains that now spans a full year, and condominiums pulled back sharply and broadly. Combined, the market generated $1.591 billion in 2026 third-quarter sales, up 2% from quarter three in 2025, on 7% fewer transactions. With all three property types are combined, 2026’s third quarter produced slightly higher volume than 2025’s third quarter despite a “meaningful” drop in units, a pattern driven almost entirely by condominiums’ sharp pullback offsetting land’s continued surge and single-family’s resilient pricing, the report said. Credit: Courtesy of Park City Board of Realtors The rolling 12-month totals — which the group said are the most reliable indicator of sustained direction for a seasonal resort market — show the overall market essentially flat, up 3% to $5.776 billion on a 1% dip in units. Across all property types for the year ending Sept. 30, the market generated $5.776 billion from 2,656 transactions — compared to $5.612 billion from 2,696 transactions a year prior. That’s a 3% volume gain on a 1% dip in units, meaning average prices are rising, according to the report. The combined residential market (single family plus condos) totaled $5.076 billion, essentially flat year-over-year, as single-family strength offset the condo pullback, the report said. Single-family home values rise as transactions cool With 399 single-family transactions generating $1.139 billion in Q3 2026 — down 1% in units but up 10% in volume from Q3 2025 — the single-family market extended a pattern seen throughout 2026: fewer sales, higher average prices. The rolling 12-month picture confirms the trend is durable with 1,347 sales totaling $3.730 billion, up 5% in units and 9% in volume. Within the primary service area (Summit and Wasatch counties), 332 homes sold for $1.038 billion — down 2% in units but up 11% in volume — with the area median rising to $2.01 million from $1.90 million a year ago. Credit: Courtesy of Park City Board of Realtors Park City proper cooled sharply in 2026’s third quarter, with sales falling from 49 to 29 (-41%) and volume down 25% to $185.3 million, the report said. Old Town led the pullback — from 18 sales to just four (-78%), volume down 54% to $12.9 million. Thaynes Canyon was the counterpoint: Sales nearly tripled (three to seven, +133%), with volume up 158% to $35.4 million and a $6.39 million median. The report noted that small sample sizes can swing dramatically on just a few transactions.  Snyderville Basin posted 126 single-family sales generating $510.4 million — up 18% in units and 54% in volume, the strongest dollar gain of any major area, the report said. Promontory (Area 22) was the driver: Sales doubled from 27 to 54 (+100%), with volume up 118% to $300.3 million and a median of $4.775 million. Sun Peak/Bear Hollow also stood out, more than doubling in volume (+211%) on a jump from three to six sales. Jeremy Ranch moved the other direction, down 67% in units and 65% in volume.  Jordanelle single-family sales fell across nearly every sub-area: 32 to 21 transactions (-34%), volume down 35% to $99.0 million. Mayflower-Jordanelle, Tuhaye, South Jordanelle and Hideout were all down double digits in both units and volume this quarter. But, the report said, the rolling 12-month figures tell a more constructive story: Mayflower-Jordanelle logged 26 sales over the trailing year, up 86% from 14 a year prior, as the newer neighborhood continues finding its footing even as any single quarter can look soft.  Heber Valley held essentially flat in units (108 to 106, -2%), but volume rose 10% to $180.5 million. Red Ledges drove the gain with 13 sales to 15 (+15%), with volume up 87% to $73.6 million on a $4.0 million median. South Fields moved the opposite direction from last quarter’s surge, falling from five sales to one (-86% volume) — a reminder, the report said, that small-area quarterly swings run in both directions.  Kamas Valley single-family volume held essentially flat (+1%) despite a 16% rise in units, as Oakley and Weber Canyon absorbed more transactions at lower price points. The outliers were Peoa and Browns Canyon, which had zero single-family sales in Q3 2025 and recorded one $8.3 million sale in Q3 2026. Pullback broadens for condominiums The second quarter’s story was that the condo market didn’t fall apart, the report said. The third quarter’s story is harder: It did pull back and broadly. With 167 transactions generating $249.0 million across the multiple listing service, or MLS — down 28% in units and 34% in volume from Q3 2025 — the condo decline touched nearly every major area at once, not just the post-new-construction pockets that had been absorbing it earlier in the year, according to the report. The Primary Market Area (Summit and Wasatch counties) saw 151 condo sales at $239.2 million, down 32% in units and 36% in volume, with the area median essentially flat at $1.15 million. Credit: Courtesy of Park City Board of Realtors At 42 Q3 condo transactions — down 40% from Q3 2025 — Park City Limits saw declines across nearly every sub-area. Old Town fell from 24 to 15 sales (-38%, volume -29%); Lower Deer Valley Resort from 19 to 12 (-37%, volume -66%); Upper Deer Valley Resort from six to three (-50%, volume -59%); Deer Crest had just one sale in Q3 2025 and none in Q3 2026. This wasn’t a single-neighborhood story; it was market-wide, the report said.  Snyderville Basin condo sales slipped 16% to 51 transactions, with volume down 6% to $72.6 million. Jeremy Ranch was the exception — a jump from one sale to eight (volume up from $1.7 million to $11.7 million) — enough to offset softer results in Canyons Village (28 to 22 sales) and Pinebrook (eight to four).  Jordanelle condo sales fell from 65 to 43 (-34%), with Deer Mountain down sharply (21 to seven sales, -69% in volume) and Hideout down nearly as much (23 to 12, -47% in volume). Mayflower-Jordanelle was a partial exception: unit sales actually rose from 13 to 18 (+38%), but volume was flat (0%) — a sign that more, lower-priced units are moving even as dollar volume holds steady.  Heber Valley’s condo market all but stopped in Q3 with just 12 sales at $7.3 million, down 45% in units and 44% in volume. Two of its larger sub-markets went to zero — Heber North had 5 condo sales in Q3 2025 and none in Q3 2026; Red Ledges had one and also recorded none. The report said this area warrants watching over the next quarter or two to see whether it reflects a genuine pause in buyer demand or simply a timing gap between closings. Land is still the market’s strongest story If single-family is bifurcated and condos are correcting, the report said, then land is unambiguous: It is the only property type that grew in both units and volume this quarter and the only one still accelerating on a rolling 12-month basis. The market posted 133 transactions generating $202.7 million MLS-wide — up 15% in units and 32% in volume from Q3 2025. The primary market area was even stronger with 130 transactions at $202.2 million, up 26% in units and 61% in volume, with every major area except Park City Limits (essentially flat on a tiny base) posting gains, according to the report. Credit: Courtesy of Park City Board of Realtors Snyderville Basin land sales nearly doubled with 24 to 46 transactions (+92%), volume up 158% to $83.8 million, the report said. Promontory land alone accounted for most of the gain: 18 sales in Q3 2025 to 40 in Q3 2026 (+122%), volume up 162% to $72.8 million on a $1.9 million median. Glenwild land also jumped, from two sales to five (volume up nearly sevenfold to $9.5 million) as gated-community lots continued finding buyers.  South Jordanelle land cooled quarter-over-quarter with 10 sales to eight (-20% units, +13% volume) — after an “extraordinary” Q2 2026 that saw 41 transactions in a single quarter, the report said, adding that the rolling 12-month figures show that spike is still very much in the system. Twenty sales a year ago have grown to 67 over the trailing year (+235%), volume up 241% to $81.3 million. A single quarter of bulk activity can take several quarters to fully cycle through the trailing-12-month view, the report said.  Heber Valley land rose 60% in units (15 to 24) and 45% in volume ($15.3 million to $22.1 million), led by Red Ledges (+63% volume) and Midway (+171% volume). In Kamas Valley, Oakley Weber Canyon land sales jumped from three to eight (+167%), with volume up more than sixfold to $9.0 million — a smaller market, but one of the quarter’s sharpest percentage gains anywhere, according to the report. The 12-month view For a resort market as seasonal as Park City, the rolling 12-month data — comparing the year ending Sept. 30 against the same period a year prior — provides the most reliable read on underlying health, the report argued. Credit: Courtesy of Park City Board of Realtors The story these numbers tell is consistent with the quarter: The overall market is holding its value even as condo transactions keep declining. Single-family’s combination of more sales and much more volume (+9%), together with land’s continued acceleration (+25% in volume on top of an already-strong base), is doing the heavy lifting. Condominiums are down double digits in both units and volume on a trailing-12-month basis, which the report called the clearest sign yet that this is a genuine correction, not quarter-to-quarter noise. Fourth-quarter themes Historically, the report said, land activity leads the broader housing market by 12-24 months: Buyers acquire lots today to build or sell tomorrow. Land is now up in both units and volume on both a quarterly and trailing-12-month basis — the most consistent trend line in the entire market. Land’s signal leeps strengthening. Snyderville Basin and Heber Valley posted the quarter’s clearest unit gains, Jordanelle’s volume rose even on flat unit counts, and South Jordanelle’s “extraordinary” Q2 spike continues working through the trailing year numbers. That combination of breadth and duration is a meaningfully stronger signal than a single standout quarter, the report said.  The condo correction looks different than it did in Q2. Earlier in the year, condo softness was concentrated in a handful of areas digesting an unusually large wave of 2024-25 new-construction closings. This quarter’s decline is broader, the report said, because Park City Limits, Snyderville Basin, Jordanelle, and Heber Valley all posted double-digit unit declines simultaneously. That pattern is harder to explain purely as a single-development supply story, and worth watching closely in Q4 to see whether it is demand pulling back, or simply the back half of the same digestion process, the report said.  Single-family is splitting into winners and losers. Old Town, Jordanelle broadly and several smaller Heber Valley sub-areas all posted meaningful quarterly declines, while Promontory, Snyderville Basin overall and Thaynes Canyon posted some of the strongest gains in the market. Rather than one single-family market moving in one direction, Q3 2026 looked like several smaller markets, each telling its own story — which argues for pricing and strategy decisions that are specific to the sub-area rather than the broader MLS trend, the report said.  Rate and insurance headwinds persist. Elevated mortgage rates and broader economic uncertainty continued to weigh on buyer confidence in the upper-mid market through Q3, the report argued, consistent with the pattern seen earlier in 2026. The luxury segment, where cash transactions are more common, remains comparatively insulated, it said. Fire-risk insurance reclassifications in parts of Summit and Wasatch counties also continue to factor into purchase decisions in exposed areas — a headwind that is difficult to quantify precisely but, the report said, is likely to grow in importance heading into 2027. A market finding new shape  The greater Park City market enters the fourth quarter of 2026 with a more differentiated picture than it had six months ago, the report said. Land’s momentum looks durable rather than a single-quarter anomaly. Single-family demand remains real but increasingly selective, concentrated in specific sub-areas rather than spread evenly across the multiple listing service. And condominiums are now in a genuine, broad-based correction that goes beyond the post-new-construction digestion story used to explain the softness earlier in the year.  The fundamental case for Park City real estate — scarcity, amenities, lifestyle and a long track record of appreciation — remains intact, the report argued, adding that what has changed is the texture beneath the headline numbers: Fewer total transactions are producing roughly the same aggregate dollars, which, the report said, points to a market where buyers are being more selective about where, and at what price, they are willing to transact. The full report is available below. Q3-26 Market Report and Press Release-combinedDownload The post Home prices hold as transactions cool, according to Park City Board of Realtors’ latest report appeared first on Park Record. ...read more read less