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Most competitive home market in six years, according to Utah Association of Realtors

Published: Wednesday, Aug. 29 2012 4:15 p.m. MDT

October 2006, a home for sale by owner in a subdivision in Saratoga Springs. There were more homes for sale six years ago than there are now, according to Utah Association of Realtors.

Keith Johnson, Deseret Morning News

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This year, more Americans are optimistic with the housing market. But as buyers are more confident in buying a house, real estate agents are hearing across the country an inventory shortage, according to Redfin blog.

Utah isn't any different: June 2009 had 9,577 more homes for sale than this year. In fact, many counties in Utah are suffering from an inventory shortage, according to data gathered by Utah Association of Realtors.

At the beginning of this year, 56 percent of those surveyed said it's a good time to buy a house now, however, 13 percent think it's a good time to sell, according to Redfin's national survey.

Salt Lake City has the most homes for sale than any county with 5,096, but it has also dropped the hardest at 65 percent, according to data gathered by Utah Association of Realtors.

"We're definitely seeing a trend of fewer homes on the market, which is making home buying the most competitive it's been in six years," said Deanna Devey, communications director for Utah Association of Realtors. "The decreased inventory has been positive because the extra competition has stabilized home values and pushed up prices."

 

Email: ehong@desnews.com

Twitter: @erinhong

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