UT: Home Prices Up 16% Year Over Year in July

Utah Gay Real EstateThere was good news for the Utah real estate market in July as home sales rose 16.4 percent compared to last year. This is the biggest increase in sales since May of last year when buyers were rushing to finalize tax-credit-eligible transactions. During the month, Utah Realtors sold 2,686 homes compared to 2,307 sold in July 2010.

“The rise in home sales is positive for Utah because these gains will help push inventory lower, which will ultimately stabilize home prices,” said Kenny Parcell, 2011 president of the Utah Association of Realtors.

The number of contracts signed to buy homes was also higher in July, up approximately 22 percent compared to last year, which signals sales will likely increase next month as well. In fact, year-to-date pending sales are outpacing the first seven months of last year by nearly four percent. This is the third straight month of double-digit gains in pending sales.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Full Story from UtahBusiness.com

Click here for gay realtors, mortgage lenders, and other real estate professionals in Utah.

If you have a gay real estate story that you’d like to share with us, contact us at [email protected]