THE SALT LAKE BOARD OF REALTORS® REPORT FOR SEPTEMBER  2011

Sales by REALTORS® of previously-owned homes in Salt Lake County in August rose 38 percent compared to August 2010, according to the Salt Lake Board of REALTORS®. In August there were 1,099 home sales (all housing types) compared to 797 home sales in August 2010.

Sales of homes in the June-July-August summer period in Salt Lake County were up 22 percent compared to home sales in the same three months last summer. There were 3,224 homes sold by REALTORS® this summer compared to 2,634 home sales in the summer of 2010.

The dramatic increase in home sales this summer follows five months of declining home sales in the first part of this year due to last year's federal home buyer's tax credit, which inflated home sales.

Also helping to boost home sales this summer was a rebound in Utah's job market, which over the past 12 months has added more than 30,000 new jobs to the state, a nearly 3 percent increase, according to the Utah Department of Workforce Services.

"New jobs translate to more people and more houses," said DeAnna Dipo, president of the Salt Lake Board of REALTORS. "As the rest of the nation grapples with how to create more jobs, the Utah economic recovery is already underway."

Home sales in the first eight months of 2011 were up 2 percent compared to the same eight- month period a year ago (7,431 home sales compared to 7,312 sales last year).

The median home sales price (all housing types) in August declined to $185,000, a 15 percent decrease compared to a median price of $216,400 in August 2010.

The inventory of homes for sale in Salt Lake County in August fell to 6,805 active listings, a 23 percent decline compared to 8,859 active listings in August 2010. Based on pending sales, there is a 7.7-month supply of housing inventory for sale in Salt Lake County, down 17 percent compared to a 9.3-month supply of inventory last year at this time.

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