SANDY — Home prices in the Salt Lake area continued to show gains in July.
The Salt Lake Board of Realtors on Thursday reported that July marked the fourth consecutive month of rising home prices on a year-over-year basis. The last time Salt Lake home prices showed four consecutive months of gains was in 2007.
The median price of all homes and condominiums sold in July increased 1 percent compared with last year at the same time — up to $192,000. The number of homes and condominiums sold in July in Salt Lake County increased 16 percent compared with July 2011, with nearly 200 more units sold in July compared with last year during the same month.
Rising sales and prices have shifted Salt Lake's real estate landscape to more of a seller's market, which is characterized by more buyers than sellers, the report stated.
"Homebuyers are quickly learning that they must make attractive offers," said Donna Pozzuoli, president of the Salt Lake Board of Realtors. "In many instances, buyers are competing for the same property.”
Through July 2012, home sales in Salt Lake County increased 19 percent compared with the same period last year.