Home prices in the Salt Lake City area continued to show gains in August as inventory levels tightened, according to the Salt Lake Board of Realtors.
August was the fifth consecutive month that home prices rose on a year-over-year basis, the board said.
The median price of all homes and condominiums sold in August increased to $204,950, up 10 percent compared with a median sales price of $185,700 a year ago.
The board said last time Salt Lake home prices showed five consecutive months of gains was in 2007.
"For the first time in five years, home prices are on the rise," said Donna Pozzuoli, president of the Salt Lake Board of Realtors. "In many instances, buyers are competing for the same property. This competition, combined with limited inventory, is driving home prices higher."
The number of homes and condominiums sold in August in Salt Lake County increased 21 percent year-over-year, to 1,360, the board reported.
It added that rising sales and prices have shifted Salt Lake's real estate landscape to more of a seller's market, which is characterized by more buyers than sellers.
In the first eight months of 2012 (January through August), home sales in Salt Lake County increased 19 percent, compared to the same period in 2011. The median home price in the same eight-month period was up 1 percent.