May 2011 Utah Housing Statistics

Housing StatisticsPending home sales turned around in May, rising more than fifty percent compared to a year ago. This is the first time since January that pending sales have been above year‐ago levels.

In May, Utah Realtors put more than thirty‐two hundred properties under contract, compared to about twenty‐one hundred last year and about three thousand in 2009.

Closings on these homes typically occur one to two months after the property is placed under contact. Based on May’s signed contracts, June home sales are expected to be significantly higher than last year.

One reason this year’s pending sales are so high is because fewer contracts were signed last May because buyers had to be under contract by April 30 to qualify for the tax credit.

However, buyers were still allowed to finalize transactions after April 30, which artificially pushed up the number of closed sales. That means sales this May look lower than they otherwise would, down about twelve percent compared to 2010. Going forward, the comparisons should become more reflective of the market as the effect of the tax credit fades.

On a national level, the trend was similar. In May, pending home sales were up more than thirteen percent. This is the first time since April 2010 that U.S. contract activity was above year‐ago levels.

The National Association of Realtors said the improvement bodes well for home prices since the rise in contact signings implies inventory is being absorbed at a faster pace. The group is forecasting that the second half of the year will be stronger than the first and much stronger than the second half of 2010.

Like the U.S., Utah is also absorbing inventory. Along with the strong gain in pending sales, statewide inventory declined and is at its lowest point since 2007. At the end of May, there were around twenty‐ five thousand homes for sale in Utah, a fifteen percent decline. It would now take just over ten months to sell the entire inventory at the current pace.

The median price of homes sold statewide was down about five percent from last year, but the average price increased more than two percent, the first gain since November.

Uintah County continued to have some of the strongest sales. May sales rose nearly thirty‐seven percent compared to last year. The month’s supply of inventory is also favorable at about six months.

Other counties with double‐digit sales increases were Beaver, Carbon, Duchesne, Iron, Millard, Morgan, Rich, San Juan and Summit. Single‐digit increases were in Wasatch and Washington counties.

May 2011 Utah Housing Market OverviewUtah May 2011 Closed SalesUtah May 2011 Days on MarketUtah May 2011 InventoryUtah May 2011 Months Supply

 

 

 

 

Advertisements

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.
This entry was posted in Real Estate, Statistics, Utah State and tagged , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s