July 2011 Utah Housing Statistics

Housing StatisticsThere was good news for Utah Realtors in July as home sales rose more than sixteen percent compared to last year. This is the biggest increase in sales since last year when buyers were rushing to finalize taxcredit‐eligible transactions.

Closed sales for the first seven months of this year were still slightly behind last year, but the pace of signed contracts suggests continued improvement.

Utah pending sales were up twenty‐two percent in July. In fact, year‐to‐date pending sales are outpacing last year by nearly four percent. This is the third straight month of double‐digit gains in pending sales.

These increases are good news for the state. Combined with the pick‐up in sales and lower inventory, the month’s supply dropped below ten months. This is the lowest statewide reading since March two thousand eight and the largest decline in a year.

The number of home for sale at the end of July was around twenty‐five thousand, significantly down from last year. Inventory dropped seventeen and a half percent, and dampens concerns about oversupply.

The median price of homes sold in July was around one hundred seventy‐five thousand dollars. Though prices dipped from last year, they have remained around this level since January.

Figures that remained the same as last year were days on market and percent of original list price received. It took eighty‐nine days to sell a home and ninety‐one percent of list price was received both this year and last. This is the best showing in a year for percent of list price.

July 2011 Utah Housing OverviewUtah July 2011 Closed SalesUtah July 2011 Days on MarketUtah July 2011 InventoryUtah July 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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One Response to July 2011 Utah Housing Statistics

  1. Pingback: More Great Utah Housing Market News! | utahREpro

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