October 2011 Utah Housing Statistics

Housing StatisticsHome sales rose for the fifth straight month in October. Utah Realtors sold nearly six hundred more homes than they did last year. That’s a gain of nearly twenty-five percent and the fourth consecutive month of double-digit increases.

So far this year, Utah home sales are up more than seven percent compared to the same ten months in 2010.

Sales increases should continue in subsequent months. Pending sales, which measure future activity, were up nearly twenty-one percent year-over-year and nearly ten percent year-to-date.

The number of homes for sale has come down more than twenty-one percent. This is the fewest number of homes on the market since mid-2007. Inventory declines have been in the double digits for eight consecutive months.

Homes are also being absorbed at their fastest pace in more than four years. In October, it would have taken eight-and-a-half months to sell all listed homes. That’s down significantly from last year when it would have taken more than eleven months.

Some counties’ supply is even lower, which is helping prices. In Uintah County, the month’s supply is in the four-month range and prices are up nearly fourteen percent. Washington County is in the six-month range and prices are up eleven percent.

Statewide, the median sales price fell about four percent. This is the smallest drop since last November. Prices have been in the one hundred seventy-five thousand dollar range since January.

Statewide, sellers received more of their asking prices in October. Owners received an average of ninety-one percent of their asking price compared to eighty-nine percent last year.

Affordability also continued its upward trend. A typical Utah family now makes one-hundred-sixty-two percent of what is needed to qualify for a median-priced home.

October 2011 Utah Housing Market Overview

Utah Oct 2011 Closed SalesUtah Oct 2011 Days on MarketUtah Oct 2011 InventoryUtah Oct 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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