Salt Lake County homes sales were up 38% this August compared to August of last year according to the Salt Lake Board of Realtors. So does this mean that the housing market is turning around? My answer is not necessarily. It is a good sign that home sales were up in August, but at the same time the Salt Lake Board of Realtors reports that homes sales in the second quarter of 2011 were down 11.4% compared to the second quarter in 2010. One factor that impacted this statistic was the $8,000 tax credit that was available to many buyers last year.
It is my personal opinion that the market may still be volatile for some time, but will eventually start to rebound. At the same time interest rates are at an all time low and home prices are very affordable. To read the entire article from the Salt Lake Board of Realtors click the following link. http://www.slrealtors.com/stats/market-statistics/
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