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Home prices in the Salt Lake area continued to show gains in August as inventory levels tightened, according to the Salt Lake Board of Realtors. August marked the fifth consecutive month of rising home prices on a year-over-year basis. The median price of all homes and condominiums sold in August increased to $204,950 up 10 percent compared to a median sales price of $185,700 last year at the same time.
The last time Salt Lake home prices showed five consecutive months of gains was in 2007.
“For the first time in five years, home prices are on the rise,” said Donna Pozzuoli, president of the Salt Lake Board of Realtors. “In many instances, buyers are competing for the same property. This competition, combined with limited inventory, is driving home prices higher.”
The number of homes and condominiums sold in August in Salt Lake County increased 21 percent compared to August 2011. There were more than 230 homes sold in August compared to last year during the same month (1,360 vs. 1,128). Rising sales and prices have shifted Salt Lake’s real estate landscape to more of a seller’s market, which is characterized by more buyers than sellers.
In the first eight months of 2012 (January through August), home sales in Salt Lake County increased 19 percent compared to the same period in 2011. The median home price in the same eight-month period was up 1 percent compared to the same time in 2011.