August 2011 Utah Housing Statistics

Housing StatisticsHome sales are on the rise while inventory is on its way down, according to a new report from the UAR.

In August, statewide home sales rose twenty-three-and-a-half percent. Utah Realtors sold nearly three thousand homes, townhomes and condominiums compared to about twenty-four hundred sold last August.

While the percentage increase may be higher than it otherwise would be because sales dropped off after the expiration of last year’s tax credit, the report shows many signs of life.

In fact, sales are on track to exceed the number of properties sold during 2010. For the first eight months of the year, Utah Realtors sold about three hundred-fifty more homes than they sold during the same period in 2010.

The number of contracts signed suggests the improvement will continue. Pending sales, which is a leading indicator, were up about thirty percent in August. More than thirty-two hundred contracts were signed to buy homes. This is the highest level since July 2007, excluding the tax credit months of March and April 2010.

Another indicator that saw improvement was inventory. The number of homes on the market fell more than nineteen percent compared to last August. There have not been fewer properties on the market since May 2007.

The month’s supply of inventory also dropped to nine-and-a-half months. Inventory in August was absorbed at its quickest rate since February 2008.

Sellers also sold their homes faster in August. This year it took an average of eighty-eight days to sell a home, compared to ninety-four days last year. This is the third consecutive month the days on market indicator has fallen.

Affordability continued to set records as mortgage rates fell. The UAR’s Housing Affordability Index rose nearly nine percent to one hundred sixty-one. The index has never been this high since the UAR started tracking it in 2006.

The median price of homes sold in August was $175,000, down ten percent compared to August 2010. However, the median price has hovered around $175,000 since January.

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



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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