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Utah's red hot housing market continues at record-breaking pace

Utah Salt Lake City Houses
Posted at 12:22 PM, May 25, 2021
and last updated 2021-05-25 14:42:08-04

SALT LAKE CITY — Utah's sizzling housing market showed no signs of cooling in updated data released last week.

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Closed home sales were up 24% in the April Housing Report published by the Utah Association of Realtors. On top of that, the 4,845 home sales in April were a record for the month.

"We are getting a record number of sales as homes go under contract not long after they are listed, which is keeping inventory at near record lows as demand continues to outpace supply," said Deanna Devey, Director of Communications for the Utah Association of Realtors.

The median sales price of a Utah home in April 2021 was $425,000, an increase of 26.8% from the same time in 2020, while inventory at the end of the month was down just over 64% compared to last April.

However, the hot sales market leaves the area with less than one month's supply of homes.

READ: Ready to buy a home? The trick is finding or affording one

"Utah needs more housing inventory, particularly for starter homes, to help keep housing in reach for Utah families," said Devey.

According to the organization, sellers are unloading their homes for an average of 103% of their asking asking price, which is a record dating back to 2006.