CALL INFO LINE: 801-859-6555
 Welcome to the FreeUtahHomeSearch.com Blog

2016-06-14 10:31:17
Salt Lake Monthly Housing Report

 

Salt Lake Monthly Housing Report

Home sales in Salt Lake County in April showed a modest increase, rising 1 percent year-over-year. There were 1,523 homes and condominiums sold during the month. That’s more homes than were sold in April of 2005, the peak year of housing sales prior to the Great Recession.  Year-to-date, (January through April) home sales are up 0.5 percent compared to the same four-month period in 2015. In Davis County, sales of homes in April climbed 8.2 percent to 489 sales. Year-to-date, Davis County homes sales are up 1.2 percent.

The biggest barrier facing home buyers today is a limited supply of housing inventory. The “months of supply” is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. A normal housing market is typically characterized by a five- to six-month supply of housing inventory. Levels below five months represent a seller’s market. Home buyers gain the advantage when levels start rising above six months.

In April there was a 2.0-month supply of inventory in Salt Lake County, down 39.4 percent compared to a 3.3-month supply of inventory last year. Just 2,917 homes were listed for sale in Salt Lake County in April, down 34.8 percent compared to 4,473 homes for sale the prior year. Like Salt Lake County, Davis County is experiencing a shortage of housing inventory. In April, the supply of housing inventory fell to 1.8 months, down from 3.2 months a year ago.

On the bright side, pending home sales (or homes under contract) increased 10 percent in April year-over-year. And, new listings showed a 1.4 percent rise in April.

Lawrence Yun, chief economist for the National Association of Realtors®, noted in a statement that housing gains in the South and West propelled pending sales in April to their highest level since February 2006. 'The ability to sign a contract on a home is slightly exceeding expectations this spring even with the affordability stresses and inventory squeezes affecting buyers in a number of markets,' he said. 'The building momentum from the over 14 million jobs created since 2010 and the prospect of facing higher rents and mortgage rates down the road appear to be bringing more interested buyers into the market.'

The median sales price of Salt Lake homes sold in April increased to $257,500 (all housing types), up 5.1 percent compared to a median price of $245,000 in April 2015. In Davis County, the median sales price increased 11.7 percent to $248,400. Homes listed in April sold on average in just 35 days, down from 49 days a year ago. For more housing stats information visit: http://slrealtors.com/home-stats/.

 

 
Blog Archive
2016-06-14 10:31:17
Salt Lake Monthly Housing Report

2016-05-20 15:42:35
Who Pays the Highest Property Taxes?

2016-03-31 15:49:40
Cities to Watch: 2016's Fastest-Growing Places

2016-03-29 13:19:08
Salt Lake Quarterly Housing Report

2016-01-28 08:37:27
Park City 2015 Year-end Statistics Press Release

2016-01-18 10:50:31
5 Things to Never Say When Selling a Home

2016-01-11 11:46:49
The ‘Missing Link’ in Housing

2015-12-23 12:08:43
5 Real Estate Trends That Will Dominate 2016

2015-12-15 10:56:50
How Will Higher Rates Affect Housing?

2015-12-04 10:39:02
Big Expectations for Housing in 2016

2015-12-01 10:07:30
6 ‘Tacky’ Home Décor Trends

2015-11-10 11:31:23
Home Buyers Don’t Need to Fear

2015-10-28 09:48:58
Home Prices Rising at Faster Pace Than Inflation

2015-10-20 15:23:54
Scammers Using New Chip-Based CCs as Fresh Phishin

2015-10-09 10:13:25
3 Home Inspection Deal-Breakers

2015-10-06 14:42:40
The Next Three Months: Best Time to Buy

2015-09-17 10:30:01
How High Will Mortgage Rates Actually Climb?

2015-09-11 14:14:05
Best Day of the Year to Buy a Home

2015-08-24 08:28:04
Home Resales at 8-Year High as Buyers Act Before M

2015-07-31 11:21:43
Utah Economy Newsletter June 2015 Now Available

2015-07-31 11:17:01
3 Reasons Why It's a Great Time for Sellers

2015-07-31 10:48:04
Home-Purchase Contracts Slow as Low Inventories Pu

2015-07-08 10:19:28
What 6.5 Million Borrowers May Be Missing

2015-05-12 11:50:23
Fannie, Freddie Chief Urges 600K U.S. Borrowers to

2015-04-17 09:36:35
Buying Is Cheaper Than Renting in Most Places

Click here to see ALL articles.


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.