Five Month Supply of Housing Inventory

   According to the Salt Lake Board of Realtors, more homes continued to be sold in February, adding to a nearly year-long trend of rising sales. Sales of previously-owned homes in Salt Lake County in February increased 25 percent to 826 sales compared to 663 sales in February 2011. February was the ninth consecutive month of rising home sales.
   "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."
   In the first two months of 2012, home sales were up 29 percent compared to the same two-month period in 2011 (1,597 vs. 1,240 sales last year).
   The median homes sales price (all housing types) in February was down slightly at $176,250, a 2 percent decrease compared to a median price of $180,000 in February 2011.
   The inventory of homes for sale in Salt Lake County in February fell to 5,161 units, down 30 percent from 7,418 units in February 2011. Based on current home sales trends in Salt Lake County over the past year, there is a 5.2-month supply of housing inventory. A five- to six-month supply of housing inventory is considered a normal market.
   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, according to the National Association of Realtors. Roughly one-third of all home sales across the country in February were all-cash transactions.