It looks like the recovery of the real estate market in Utah County, Utah is on hold. The improvement we saw over the past few months look like they were mostly caused by the government stimulus. June home sales were down, list prices dropped, and there is currently more real estate inventory than any other time this year.

Homes sales during June were down by 18.4% compared with June of last year, and were down 7.8% compared with last month. In total, 438 residential homes in Utah County sold.

It doesn’t appear that home sales are going to be improving over the next few months, even though summer is traditionally the strongest season for Utah County Real Estate. The number of under contract homes in Utah County  are down 10.5% compared with last month.

Utah County Real Estate inventory is currently at its highest point of the year. There are currently 4,224 residential homes for sale. At June’s sales pace, this represents an absorption rate of 9.58 months .

It looks like the real estate trends with price changes, and sales was pretty consistent throughout the Wasatch Front. Clear evidence that the home buying tax credits did have an impact.