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Home sales up, prices down along Wasatch Front

SALT LAKE CITY (Deseret News) — Sales of single-family homes in Salt Lake County grew in the first quarter but median sales prices continued to fall.

The Salt Lake Board of Realtors said Tuesday that sales climbed 15.3 percent in the first three months of the year, compared with the same period a year earlier. However, the median price of single-family homes sold during the first quarter in the county dropped 8.8 percent from the 2009 first quarter — from $238,000 to $217,000.

Sales of condominiums in the first quarter in Salt Lake County were up 26.8 percent and condo prices increased to $162,000, up 1.3 percent compared to $160,000 a year earlier.

"Homebuyers have found renewed confidence and affordability in the market," said Bill Heiner, president of the Salt Lake Board of Realtors. "The federal tax credit, low mortgage interest rates and more affordable home prices have all contributed to rising home sales."

The report stated that there are 7,756 existing homes and condos for sale in Salt Lake County. Based on sales trends over the past six months, those listings represent a 10.8-month supply of inventory. The average number of days on the market for homes that sold in the first quarter was 131 days, down from 138 days a year earlier.

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