April 2011 Utah Housing Statistics

Housing StatisticsIn April, Utah Realtors sold nearly twenty‐seven hundred homes, a nineteen percent drop from last year. The numbers, however, look lower than they otherwise might because they are compared to a period of higher‐than‐normal sales. Last year, buyers had to sign contracts by the end of April to qualify for a home buyer tax credit. Compared to two years ago, however, April sales were up ten percent. Realtors should expect at least one more month of exaggerated comparisons since many tax credit sales were still being finalized last May.

Like Utah, April U.S. sales were also down from last year’s elevated pace. The chief economist for the National Association of Realtors said U.S. sales should be stronger based on affordability, new jobs and pent‐up demand. However, tight credit and low appraisals are holding back the market. He said sales could be twenty percent higher if lending standards weren’t overly restrictive.

Like last month, the best news from Utah’s April report was the continued decline in inventory. The number of homes on the market was down fourteen percent from last year. Inventory levels remain at mid two thousand seven levels. It would now take ten months to sell the entire supply of inventory at the current sales pace. Nationally, the month’s supply of inventory is at about nine months, but many areas in Utah are beating that.

Sales were highest in the very low and very high price ranges. In Utah, single‐family sales were up twenty‐two‐and‐a‐half percent for homes under one‐hundred‐and‐fifty thousand. Single‐family homes priced above seven‐hundred‐and‐fifty thousand were up six percent.

April 2011 Utah Housing Overview

Utah Apr 2011 Closed SalesUtah Apr 2011 Days on MarketUtah Apr 2011 InventoryUtah Apr 2011 Months Supply

 

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About utahREpro

Chris is the managing broker for Prudential Utah Elite Real Estate in American Fork, Utah. His passions include spending time with his family, Real Estate, Social Media, traveling, reading, movies, golf, dirt biking and so much more. Chris is a graduate of the National Association of REALTORS (NAR) Leadership Academy as well as the Utah Association of REALTORS (UAR) Leadership Academy. He has served in many capacities in the real estate industry at the national, state and local levels, including: 2013 Treasurer of the Utah Association of REALTORS 2011 President of the Utah County Association of REALTORS (UCAR) 2011 REALTOR of the Year – UCAR NAR Federal Political Coordinator assigned to US Senator Mike Lee 2011 NAR Strategic Planning Committee 2010 – 2013 NAR Public Policy Coordinating Committee 2011 Dean of the LeadershipUAR Program Chris has been a licensed REALTOR in the State of Utah since 2004. He has been recognized both nationally and locally by Prudential and was inducted into their Hall of Fame in 2010.
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