This is Lane Beattie of the Salt Lake Chamber with your Metro Business Report.
We have some good news to share today, coming form the Utah real estate market. The Utah Association of Realtors announced home sales rose over 16 percent in July compared to the same month last year. That's the biggest increase in sales since May of 2010.During the month, Utah Realtors sold nearly 27-hundred homes, up from just over 23-hundred in July 2010.
The number of contracts signed to buy homes was also higher in July, up about 22 percent compared to last year. That signals sales will likely increase next month as well. In fact, year-to-date pending sales are outpacing the first seven months of last year by nearly four percent. This is the third straight month of double-digit gains in pending sales.
Other good news from the report was the fact that inventory dropped significantly in July. The number of homes for sale at the end of July was just over 25-thousand down 17-and-a-half percent from last year when over 30-thousand properties were on the market. Combined with the pick-up in sales, it would now take 9.9 months to sell the entire supply of homes at the current sales pace. This is the lowest statewide reading for month's supply since March 2008.
This is Lane Beattie for KSL News Radio.