June 2011 Utah Housing Statistics

Housing StatisticsUtah home sales rose nearly four percent in June, according to the new data. This is the first increase since February. During the month, Utah Realtors sold about one hundred more homes than last year.

And sales are expected to keep rising. Pending sales, which predict future activity, were up forty‐one percent in June. Pending sales reflect properties that have not yet closed but have contracts accepted.

Pending sales were also up for the first half of the year, rising two percent compared to 2010. Economists have forecasted that home sales will be higher this year versus last, and pending sales for the first half of the year support this conclusion.

Housing remained affordable in June. The Affordability Index was up nearly twelve percent. Utahns making the median income had one‐hundred‐fifty‐six percent of that needed to qualify for a loan for a median‐priced home.

A drop in prices also assisted affordability. In June, the median price fell twelve percent to one‐hundred‐ seventy‐six thousand dollars.

Inventory also declined. The number of Utah properties available dropped nearly sixteen percent. At the end of June, there were more than twenty‐five thousand homes for sale, compared to about thirty thousand last year. This is the fewest number of properties for sale since mid‐2007.

Inventory is also being absorbed at a faster rate. In June, it would have taken about ten months to sell the entire inventory at the current pace. That’s down from about eleven months.

On a local level, counties that saw sales increases were Sanpete, Summit, Uintah, Utah, Wasatch, Washington and Wayne.

On a property level, low‐end homes were the best sellers. Over the past twelve months, homes priced below one‐hundred‐fifty thousand increased nearly fourteen percent. Realtors sold more than ten thousand homes in this price range, by far the highest number of any category.

June 2011 Utah Housing Market OverviewUtah Jun 2011 Closed SalesUtah Jun 2011 Days on MarketUtah Jun 2011 InventoryUtah Jun 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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