The Salt Lake Board of REALTORS reported that sales of existing homes and condominiums climbed 24 percent in October. There were 1,061 homes/condos sold in October compared to 855 sales in October 2008. 
The 24 percent increase in home sales in October represented the biggest year-over-year percent increase for an October month since electronic records started in 1995.

The second biggest percentage increase in an October month was in October 2005 when home sales rose 22 percent year-over-year. The large rise in home sales suggest that buyers are finding renewed confidence in the market.

“Clearly the federal home buyer tax credit played a significant role in boosting home sales,” said Ryan Kirkham, president of the Salt Lake Board of REALTORS. “Of course, mortgage interest rates remain at record lows and home prices in the Salt Lake area have again reached affordable levels.”

The median price of homes/condos sold in October was $205,000, down 9.5 percent compared to the median price of $226,500 in October 2008.