There 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.