FEBRUARY MARKS FIFTH STRAIGHT MONTH OF INCREASING HOME SALES,  ACCORDING TO THE SALT LAKE BOARD OF REALTORS® 

25 March 2010 (Sandy) – The Salt Lake Board of REALTORS® today reported sales of existing homes and condominiums in Salt Lake County climbed 4 percent in February compared to the same month a year ago. There were 623 homes/condos sold in February compared to 599 home sales in February 2009. 

February was the fifth consecutive month of increasing sales on a year-over-year basis.   “The federal home buyer tax credit and more affordable housing prices are continuing to drive sales,” said Bill Heiner, President of the Salt Lake Board of REALTORS®. “We are cautiously optimistic that this could be the beginning of Salt Lake’s housing turnaround.”   The median price of all homes sold in February dropped to $209,751, down 6 percent compared to a median price of $222,500 in February 2009. 

There are currently 7,604 existing homes and condos listed for sale in Salt Lake County. Based on sales trends over the past six months, those listings represent a 10.2-month supply of inventory. The median number of days on the market for homes that sold in February was 88 days, down from 110 days a year earlier. 

About the Salt Lake Board of REALTORS® 

The Salt Lake Board of REALTORS® is the Wasatch Front's voice of real estate and the No. 1 source for housing market trends. Established in 1917, the Salt Lake Board of REALTORS® is a leader in protecting private property rights and assisting its members to better serve the public through training, advocacy and a professional code of ethics. With more than 7,500 members, the Salt Lake Board of REALTORS® is Utah’s largest real estate trade association among 14 real estate associations across the state. 

- REPRINTED FROM THE SALT LAKE BOARD OF REALTORS