Utah County—Homes sales show strong gains and are up 16 percent from last year’s market which was already benefiting from federal tax incentives, according to June 2011 statistics released by the Utah County Association of REALTORS® (UCAR).
“Last June we saw the market start to slow after the federal tax incentives ended,” says Taylor Oldroyd, CEO of UCAR. “It is encouraging that we are showing such a strong pace in sales, and we are excited to be ahead of that incentivized market and showing continued improvements.”
Current year-to-date sales are the strongest they’ve been since 2007 and have jumped 25 percent since 2008.
The latest Monthly Indicators report from the Utah Association of REALTORS® shows that buyers throughout all of Utah are absorbing homes more quickly, shown by the 5.3 percent decrease of the Months Supply of Inventory. Likewise, inventory levels shrank 15.9 percent to 25,405 units, but even choosy buyers can still find top-notch homes.
On the national front, the interest rate dropped to 4.79 percent on a 30-year fixed conventional and 4.44 percent for FHA.
The Utah County Association of Realtors is the local voice of real estate and is committed to its motto, “Bringing people home.” The association releases monthly housing statistics on the 25th of each month on www.ucaor.com. For more information, contact the UCAR at (801) 226-3777