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This is Lane Beattie of the Salt Lake Chamber with your Utah Business Report.
Some good news on the home front! The Utah Association of Realtors president Lori Chapman says the real estate market is the best it has been in years.
And why is that? According to a new report, Utah home prices increased for the third month in a row in June, rising about three percent from June 2011. The median sales price was 182-thousand dollars, a five-thousand dollar increase compared to last year.
There were price gains in May and April as well, but home values have not increased like this since 2008.
Low interest rates are believed to be driving real estate purchases. The number of sales in June increased for the thirteenth consecutive month. The number of properties for sale has also dropped about 24 percent from last year—which makes the competition for a home much tougher.
All these signs that the housing market is doing better also hint that our economy is progressing forward.
This is Lane Beattie for KSL News Radio.
