October was a pretty good month for home sales in Cache Valley. Home Sales were up 10 percent from September, and up 6 percent compared with October of last year. October was the third best month of the year in terms of home sales in Cache County.
One of the primary reasons that home sales have improved is because of the expiration of the first time home buyer tax credit, which was scheduled to expire this month. It has since been extended through April of next year, but the expiration of it did spur many Logan first time buyers into taking the steps too purchase now. These first time home buyers are purchasing the smaller, less expensive homes. During October, we had the lowest average monthly home sales price since May of 2006, and the smallest average square footage of homes sold since March of 2003!
While home sales were up, the amount of inventory on the market is down. At October’s home sales pace, Logan Real Estate now has seven and a half months of active inventory.
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