Utah home prices continue to rise

Published: Wednesday, June 27 2012 12:22 p.m. MDT

A sign proclaims a residential home sale has been made in Marborough, Mass in 2010. After a dip in housing prices for years, Utah home prices are finally seeing a rise in numbers for two consecutive months.

Bill Sikes, Associated Press

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Across the nation housing prices are rising, and Utah is following suit.

In May, housing prices continued on an upward climb for a second consecutive month. Housing prices for Utah increased 7 percent from last May, bringing the median price to $199,950, according to the Salt Lake Board of Realtors.

In Salt Lake County alone sales of owned homes and condominiums increased to 1,229, 15 percent more than May 2011. There has also been a 20-percent increase of homes sold this year from last year, the report said.

"Home prices are now increasing because there are more buyers than sellers," said Donna Pozzuoli, president of the Salt Lake Board of Realtors.

Now, 95 percent of sellers are seeing a close match with asking list prices and their offers, which is up from 90 percent in May 2011, according to Salt Lake Board of Realtors.

Email: ehong@desnews.com

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