Utah home sales were up for the sixth consecutive month in November, rising more than ten percent, according to the UAR’s newest report. During November, Utah Realtors sold nearly two hundred fifty more homes than last year.
Sales were also up for the year as a whole, rising eight percent compared to the first eleven months of 2010. Since the beginning of the year, more than thirty thousand homes have been sold.
The sales increases should continue in coming months. The number of purchase contracts signed rose thirty-one percent in November. Pending sales measure future activity and have increased for seven consecutive months.
Inventory continued to decline in November, with levels down twenty-three percent. Inventory has been falling for a year, with November marking the fewest number of homes on the market since April 2007.
Contributing to the lower inventory was the fact that fewer homes were put up for sale. The number of new listings was down about twelve percent. About five hundred fewer homes went on the market this year versus last.
Houses were also absorbed faster. In November, it would have taken less than eight months to sell all of the homes on the market at the average sales pace. That’s significantly down from last year when there was an eleven-month supply. Month’s supply has not been lower since 2007.
Nevertheless, price improvements still lagged behind the progress made in other areas. The median sales price was one hundred seventy thousand dollars, down about nine percent from last November’s median. For the year as a whole, prices are down about eight percent.
Those prices combined with another month of low interest rates brought affordability close to the record high. The typical Utah family makes one hundred sixty-seven percent of what is needed to buy the median-priced home under prevailing interest rates. The record was set in September when affordability was just slightly higher.
Don’t miss this year’s 
Utah Valley knows the best way to create your perfect home is to attend the Utah Valley Home and Garden Expo at the UCCU Events Center in Orem, Utah. Packed with exhibits, experts and ideas on home improvement inside and out, the annual Home Expo is the premier home event in Utah Valley. The Expo focuses on the latest decorating and remodeling trends in the industry. Whatever it is, you’ll find it here. And look for many Expo-only incentives to ready your home for not only a fantastic summer, but to be your pride and enjoyment year round.
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Closed home sales have posted their seventh straight month of gains over the prior year. December put us at 24.6% over 2010 closed sales, pushing our year to date at 533 more sales than last year, a 10.9% increase. This trend should continue as pending sales posted an eighth straight month of double digit increase, sitting at 15.1% this December compared to last and YTD we are up 13.0%.
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