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Sandy – Prices of homes and condominiums sold in the Salt Lake area in February continued to show gains, as demand for housing remained strong, according to the Salt Lake Board of Realtors.
The median home price in Salt Lake County in February increased to $210,000, up 20 percent compared to $175,000 in February 2012. Roughly two out of three homes (64 percent) sold in February in Salt Lake County closed below $250,000. Since April 2012, home prices in the Salt Lake area have risen every month year-over-year.
“Strong consumer confidence in Salt Lake’s job market is directly benefiting the housing sector,” said Dave Frederickson, president of the Salt Lake Board of Realtors. “The biggest obstacle we face is a lack of housing inventory. Limited supply is driving home buyers to build new homes or look at multifamily options.”
Based on sales trends over the past 12 months, Salt Lake County currently has a 4.93-month supply of housing inventory. A seller’s market, one in which there are more buyers than sellers, is typically characterized by housing inventory levels below a four-month supply.
The number of single-family homes sold in Salt Lake County in February totaled 841 sales, down 2 percent compared to 857 home sales during the same month a year ago. Sales are showing slight declines because of limited inventory. In neighboring Davis County, sales in February were down 4 percent. Short sales (where the sale falls short of what is owed on the mortgage) accounted for 12 percent of February’s total home sales in Salt Lake County, down from 17 percent in February 2012.