A report commissioned by the Salt Lake Board of REALTORS predicts single-family home sales to rise 12 percent in 2011 compared to 2010 levels. Condominium sales are expected to jump 10 percent this year.
The report, conducted by University of Utah economist James Wood, noted that the damage done to Salt Lake's housing market is being repaired by the state's job growth. In 2011, the number of new jobs in Utah will increase by 17,000. In 2012, new jobs will rise by another 28,000.
In addition to more jobs, new residential construction is expected to register a gain this year for the first time since 2005.
'The job market is improving, pent-up housing demand is growing, foreclosures have crested and the decline in home prices has narrowed; all signs that the worst is over,' the report said.
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