There 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.
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