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Home prices on the rise

Home prices on the rise
Posted at 7:02 PM, Aug 31, 2012
and last updated 2012-08-31 21:56:32-04

MURRAY, Utah - Good news for those thinking about selling their home. For the past four years, home prices have been on a downhill slide. But now home prices in the Salt Lake area are climbing back up again.

Home prices in the Salt Lake area are the highest they've been in four months according to new data from the Salt Lake Board of Realtors.

In July of 2012, the median home price in the Salt Lake area was $192,000 -- up one percentage point from the same time last year.  There were just over 1,200 houses and condos sold in Salt Lake County making it a 16 percent increase from 2011.

Pending home sales saw the biggest jump with 19 percent from just under 1,050 to 1,250.

Realtors say one of the reasons for the rise is there are less homes on the market, meaning many buyers have to make multiple offers.

Fox 13's Zach Whitney reports with the new numbers and what they mean to buyers and sellers.