June Housing Sales Report

JUNE 2010 – Monthly Indicators in the Housing Market for Utah

Just received updates from Utah Association of Realtors and the word is to think and act global when looking at the whole picture. With all the crises with the European Debt, oil spills and of course the less than desirable job growth figures, all factors put a big stress on the stock market, the general consensus is that the local housing market could have performed much worse.
June found buyers being cautious, as pending sales declined 23.9 percent from June 2009. A majority of buyers bought during the credit period in May. This affected sellers to lose interest as new listings dipped 7.4 percent from last June.

I was surprised to learn that even though there was slow buyer activity, inventory levels still decreased 5.3 percent compared to last year. The UAR report realized from the mix of various home closings, the June Median Sale Price of $199,900 was a minor 2.5 decrease since last June.
With congress recently extended the closing date to September 30th for tax credit buyers, we might see a slight boost as vacations come to a close, children are back in school. Overall the general report says that we can expect the market to remain mostly flat with only the possibility of minor gains as demands slowly finds its way back into the market.”

This report is based off of data provided by the Wasatch Front
Regional Multiple Listing Service, the Iron County Multiple Listing
Service, the Washington County Multiple Listing Service, the
Carbon/Emery Multiple Listing Service, the Central Utah Multiple
Listing Service, the Grand/San Juan Multiple Listing Service, and
the Park City Multiple Listing Service.