In the News

Sale of Homes Hits Hopeful High -- For Now

The Deseret News reported that local home sales are peaking in Utah and nationwide as homebuyers try to take advantage of government tax breaks due to expire at the end of the month.

The president of the Utah Association of Realtors told the Deseret News that he has seen a significant rise in new home sales in recent weeks, prompted by the impending end of the federal incentive launched as part of the economic stimulus program.

"The last couple of weeks, in particular, have been very busy with folks trying to capture the federal tax credit," he said. The incentive requires homebuyers to sign a purchase contract by the end of April, he noted.

March saw a 30-percent hike in the number of homes and condominiums sold in Salt Lake County compared to a year ago, according to Dave Anderton, spokesman for the Salt Lake Board of Realtors. While sales are up, the median price of homes and condos sold last month was $200,000, down 9 percent from a median sales price of $220,000 in March 2009.

"If you look at home and condo sales from Oct. 1, 2009, through March 31, 2010, in Salt Lake County, there was a 32 percent increase compared Oct. 1, 2008, through March 31, 2009," he said.