Utah home sales climbed 16.4 percent in July

SANDY, Utah (AP) — Utah home sales rose 16.4 percent in July while the number of homes on the market dropped to the lowest levels since March 2008.The Utah Association of Realtors reports members sold 2,686 homes in July, up from 2,307 last year. The numbers mark the biggest increase in sales since May 2010, when buyers hurried to finalize transactions that were eligible for tax credits.The report released Tuesday shows inventory fell 17.5 percent in July, down to 25,240 compared to 30,607 in July 2010.A smaller inventory leads to higher prices.The median sale price for a home was $175,268 in July, down about 12 percent from last year. Realtors say prices largely have held steady since January.

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