Tom Smart, Deseret News
Realtor Amber Briem, with Blakemore Reality, shows Phil Banks a home that just went on the market in March in the Salt Lake area.

SALT LAKE CITY — Sales of previously owned homes and condominiums in Salt Lake County increased 17 percent in April. In addition, the median price of homes sold in April increased to $193,000, up 4 percent compared to the same time last year.

According to the Salt Lake Board of Realtors, declining housing inventories and an improving economy are driving home sales and prices higher. On a year-over-year basis, sales have increased for 11 straight months, said spokesman Dave Anderton.

Sales in April 2012 were the highest they've been since April 2007 before the recession started, he added. 

“The number of homes listed for sale in Salt Lake County is at a 15-year record low,” said Donna Pozzuoli, president of the Salt Lake Board of Realtors. “If you are a home buyer waiting for the bottom of the market, you have already missed it."

Based on current home sales trends in Salt Lake County over the past year, there was a five-month supply of housing inventory in April, down from a nearly nine-month supply of inventory last year at the same time. A five- to six-month supply of housing inventory is considered a normal market.

"This is a classic case of supply and demand," Pozzuoli said. "With shrinking inventory, we are seeing multiple offers on properties and a climb in home prices.”