SALT LAKE CITY — Home sales throughout the Salt Lake area continued to show gains in May, marking the 12th consecutive month of home sale increases in Salt Lake County on a year-over-year basis.
According to the Salt Lake Board of Realtors, roughly 200 more homes have sold each month compared to the previous year.
“Home prices are now increasing because there are more buyers than sellers,” said Donna Pozzuoli, president of the Salt Lake Board of Realtors. “The monthly supply of home inventory is at five months, down from more than a nine-month supply last year at this time.”
More buyers than sellers, resulting in rising home prices and sales, typically characterize a seller’s market, a news release states. During the past four years the Salt Lake market has largely been a buyer’s market with more sellers than buyers.
Sales of previously owned homes and condominiums in Salt Lake County rose 15 percent in May. There was a 20 percent hike in properties sold in the first five months of 2012 compared to the same period in 2011.
The median price of homes sold in May increased 7 percent year over year, the release said.