February Existing-Home Sales Up Solidly From a Year Ago

February existing-home sales declined from an upwardly revised January pace but are well above a year ago, while the median price posted a slight gain, according to the National Association of Realtors, Americas largest trade organization.  Locally more than 800 homes were sold in Salt Lake County in February, a 24 percent increase compared to 663 sales in February 2011.

"Home sales in February were the highest on record for a February month in five years," said Donna Pozzuoli, President of the Salt Lake Board of REALTORS. "Homes under contract (pending sales) in February were up 36 percent compared to last year at this time. We expect home sales to continue to show big gains through this summer." Donna also said listings are falling dramatically (down 29 percent in January compared to a year earlier).  Home sales in January represented the eighth consecutive month of rising home sales in Salt Lake County.

Year-to-date, home sales in Salt Lake County were up 28 percent in the first two months of 2012 compared to the same period last year. The increase in home sales in February was the ninth consecutive month of rising sales. Statewide, home sales in February rose 18 percent to more than 2,300 sales.

Nationally, total existing-home sales rose to 4.59 million in February, up nearly 9 percent compared to 4.22 million homes sold in February 2011.

Click this link  to read more about the national statistics.