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SALT LAKE CITY - The Salt Lake Board of REALTORS released its 2011 Salt Lake Housing Forecast report Tuesday, which predicts stable housing prices and increasing home sales.
The forecast, prepared by Jim Wood, director of the University of Utah's Bureau of Economic and Business Research, said the worst of housing downturn is now behind us.
"After three years, house price declines are not as steep," the report noted. "Prices will likely be stable through the first two quarters of 2011 with very slight gains in the third and fourth quarters. However, for the year, continued price pressure from foreclosures and short sales will prevent any meaningful upward movement thus leaving 2011 prices pretty much unchanged from 2010."
The report also said that single-family home sales in 2011 in Salt Lake County should number 9,500 and 2,000 condominiums, a 12 percent increase in home sales and a 10 percent increase in condominium sales.
"For the most part, declines have run their course, markets have stabilized and conditions for a recovery are in place," the report said.
