June 27, 2012

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Salt Lake Home Sales Rise

Press Release

June 27, 2012

Home sales throughout the Salt Lake area continued to show gains in May, moving the housing market closer to a seller’s market, according to the Salt Lake Board of Realtors. May marked the 12th consecutive month of home sale increases in Salt Lake County on year-over-year basis. Over the past year, roughly 200 more homes sold each month compared to the previous year.

“Home prices are now increasing because there are more buyers than sellers,” said Donna Pozzuoli, president of the Salt Lake Board of Realtors. “The monthly supply of home inventory is at five months, down from more than a nine-month supply last year at this time.”

More buyers than sellers, resulting in rising home prices and sales, typically characterize a seller’s market. During the past four years the Salt Lake market has largely been a buyer’s market (more sellers than buyers).

Sales of previously owned homes and condominiums in Salt Lake County in May increased 15 percent (1,229 compared to 1,066 homes sold in May 2011). In the first five months of 2012, there were 5,049 homes sold compared to 4,216 homes sold in the same period in 2011, a 20 percent increase.

The median price of homes sold in May increased to $199,950, up 7 percent compared to $187,000 last year during the same time.

Pending home sales (homes under a purchase contract) in May rose to 1,393, up 30 percent compared to 1,076 pending sales in May 2011. Homes that sold in May were on the market for an average of 68 days, down from 78 days last year.

Sellers are beginning to see offers closer to asking (list) prices. In May, the percent of original list price received was 95 percent, up from 90 percent last year during the same month.

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