Report on the state of the Real Estate Market in Salt Lake City

Here is a report from the Salt Lake Board of Realtors to all its Brokers which gives a little insight into the state of the real estate market today.
Closed home sales (all housing types) fell to 791 units sold in January, down 3 percent compared to 815 sales in January 2013. January's sales drop followed a 1 percent dip in home sales in last year's fourth quarter.
The median home sales price in Salt Lake County increased 4 percent to $216,500 in January, up from $207,500 a year earlier. House-price increases have fallen to single-digit gains compared to last year's double-digit climbs. A recent report by the Federal Housing Finance Agency ranked Salt Lake City No. 56 of 283 U.S. cities in the highest rate of house-price appreciation. According to the report, Salt Lake City home prices increased more than 9 percent in 2013. According to UtahRealEstate.com, home prices (all housing types) in Salt Lake County increased more than 15 percent in 2013.
Pending sales in Salt Lake County in January increased to 1,027, up nearly 7 percent compared to 963 pending sales in January 2013. The inventory of homes for sale climbed to 1,541 units, up 9 percent compared to 1,411 units in January 2013. The months-supply-of-inventory (based on sales trends in Salt Lake County over the past year) fell to 4.3 months, down from 4.4 months a year ago.
In Davis County, home sales in January fell 7 percent. The median sales price climbed to $204,000, up 2 percent compared to $199,250 in January 2013.