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2010-01-11 12:51:10
Home Sales to Rise, Prices Still Falling

From the Governors Economic Summit, we were forecasted to bottom out in 2009.  Sounds like we will continue to drop in 2010 according to this forecast.

Single-family home sales in 2010 could rise as much as 10 percent in Salt Lake County compared to 2009, according to a study released today by the Salt Lake Board of REALTORS.

The study, by economist James Wood, noted that 2008 was likely the bottom of the housing recession. Sales of single-family homes increased 3 percent in 2009 compared to 2008. In 2010, single-family sales could reach 10,000, up from 9,100 sales in 2009.

Home prices in 2010 will continue to fall another 3 to 5 percent, Wood said. Single-family home prices have already fallen 11 percent from their peak.

Data from the Salt Lake Board of Realtors, the complete report is available at slrealtors.com.

 
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