Salt Lake home sales rose in April compared to same month last year

SALT LAKE CITY — "Soaring" is a word that lately has been used most often to describe the national deficit or the unemployment rate.

But soaring is how Salt Lake Board of Realtors President Bill Heiner has described home sales so far this year, which were up by 30 percent in April 2010 compared to the same month in 2009.

"More affordable home prices are continuing to drive sales," Heiner said Friday, noting that the chief contributors to the rebound were the federal tax credit and low mortgage interest rates.

The association reported that 1,128 homes and condos sold in the Salt Lake area in April, compared to 867 sales in April 2009. In the first four months of this year (Jan. 1 through April 30), there were 3,323 homes and condos sold in Salt Lake County. That's a 24 percent increase compared to 2,681 homes and condos sold during the same four-month period a year ago.

Home and condo sales in April were the strongest since April 2007, when 1,400 residential properties were sold.

Sales are up, but home prices continue to fall, the association reported. The median price of all residential properties sold in April was $201,000, down 9 percent from the median price of $220,000 in April 2009.

There are currently 7,544 active listings of homes and condos for sale in Salt Lake County. Based on sales trends over the past six months, those listings represent a 9.8-month supply of housing inventory.