News / Utah / 

Existing home sales surged in late 2009

Posted - Jan. 27, 2010 at 5:40 p.m.



This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

SALT LAKE CITY -- Sales of existing homes in Utah surged the last part of 2009, ending a three-year decline in falling home sales.

The Salt Lake Board of Realtors says home sales in December jumped 19 percent compared to the same month in 2008. Overall, sales in 2009 were up 4 percent -- more than 9,000 homes were sold in Salt Lake County.

The numbers for single-family homes are even better. More than 2,400 single-family homes were sold in the fourth quarter of 2009, a 36 percent increase compared to 1,785 sales in the same quarter of 2008.

Bill Heiner, president of the Salt Lake Board of Realtors, explained "existing home sales are surging because of more affordable home prices and the federal government's home buyer tax credit. In addition, there are fewer newer homes being built. Because of that buyers are turning to existing inventory."

The Board of Realtors says the numbers suggest the bottom of the housing market was in 2008. It forecasts home sales this year could rise 10 percent.

Related Stories

SIGN UP FOR THE KSL.COM NEWSLETTER

Catch up on the top news and features from KSL.com, sent weekly.
By subscribing, you acknowledge and agree to KSL.com's Terms of Use and Privacy Policy.

KSL Weather Forecast