Salt Lake

Homes sold in the Salt Lake County continued to climb in March of 09. There were 713 homes sold compared to 585 sold in the previous month. While this is encouraging news on a month-to-month basis, home prices continue to fall. The price per square foot is falling into the double digits for the first time since January 06.

Preliminary results for House Hunt’s national first quarter survey show that sellers out number buyers two to one. First time home buyers are accounting for 65% of existing homes transactions. Nationally, existing homes sales in February increased 5.1% over January. However the nation’s inventory of unsold homes remained at 9.7 months in February. A six month supply is considered balanced between supply and demand.

I believe that with first time home buyers becoming the major source of buying power in the country and our state. Hopefully the “trickle” up effect will start to take place. With lower priced homes being bought up by first time buyers the seller will now become the buyer and so forth and so forth. It may be a slow climb out of the slow down but I believe that we are on our way !!!!!