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2010-07-30 16:53:14
Utah Home Sales Increase 17%

Midyear report: Utah home sales increase 17 percent


Home-buying activity may have slowed in June as local housing markets adjusted to the absence of a government tax credit, but sales figures for the year still remain stronger than last year. Compared to the first half of last year, home sales in the January-to-June period rose nearly 17 percent, according to the report from the Utah Association of REALTORS®. REALTORS® statewide sold 15,895 homes during the first six months of the year, compared to 13,615 sold last year.


Although the report showed a strong first half of the year overall, sales in June dropped 12 percent compared to June 2009, with REALTORS® selling 2,927 homes this year versus 3,311 last year. Nevertheless, the slowdown in sales was expected, since many home purchases occurred earlier in the year than they otherwise would have because of the government’s temporary tax credit, which expired at the end of April for buyers who were not under contract to purchase a home. Economists expect more moderate sales levels during the next few months, with overall sales in 2010 higher than in 2009.


Even with the slowdown from the expiring tax credit, not all areas saw a decrease in sales. In Washington County, for example, 43 more homes were sold this year compared to last June, a 16 percent sales increase. Sales in Uintah County were particularly strong, skyrocketing 167 percent or 30 sales more than June 2009. Cache County saw a nearly 9 percent gain, with REALTORS® selling nine more homes compared to last year.


In Utah overall, the most positive news was the decline in inventory, which was down more than 5 percent statewide, compared to last June. Last year, it would have taken nearly 13 months to sell the supply of existing inventory. This June, it would take about 10 months to sell the existing inventory at the current sales pace.


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