Utah home sales up 19 percent in May; pending sales down
 
The Utah housing market continued to show signs of stabilization in May, as existing home sales rose 19 percent compared to May 2009, according to a new report from the Utah Association of REALTORS®.
 
During the month, Utah REALTORS® sold 3,231 properties compared to the 2,714 sold in May 2009. So far this year, sales are up nearly 25 percent compared to the first five months of 2009.
 
In the coming months, sales are expected to trend lower as the market adjusts to conditions without a tax credit. However, National Association of REALTORS® Chief Economist Lawrence Yun said he expects sales to pick up later this year and resume a sustainable level of activity, provided that jobs increase as expected. In Utah specifically, the trend appears similar: May pending home sales were down nearly 27 percent, which indicates home sales may be slower over the next couple months.
 
The good news, however, is that inventory is down nearly 6 percent from last year at this time. In May, the month’s supply of inventory decreased from 12.4 months to 10.5, signaling that the market is becoming more balanced.