Iowa Home Sales Fifteen Percent Ahead of Last Year

August 15, 2012 (Shirley Allen)

Monthly sales of existing single-family homes and condominiums continued to climb by double-digits in Iowa during June with sales during the first half of this year nearly fifteen percent higher than last year according to the latest housing data from the Iowa Association of Realtors® (IAR).

An estimated total of 3,940 existing single-family homes and condos were sold in the Hawkeye State in June. That was 15.3 percent higher than the 3,418 homes sold in May and 13.1 percent higher than the 3,485 homes sold in June 2011. Year-over-year, home sales have increased for the last 12 months.

Home sales through the first half of 2012 are 14.8 percent ahead of last year’s sales.

The median sales price for an existing home in Iowa increased by 7.5 percent in June to $139,743, up from $130,000 in May, and was 3.5 percent higher than the median price of $135,000 in June of last year.

Dale Gross, president of the Iowa Association of Realtors®, stated, “Our reports continue to show that sales have remained steady. The number of sales continues to increase year-over-year, as well as month-over-month. Right now the market is healthy at roughly a 7-month supply of inventory (MSI). This MSI indicates a nearly balanced buyer/seller market, offering opportunities for parties on both sides of the sales transaction.”

Of the 44 local boards that provide data for the monthly report, twenty-six of the boards reported gains in home sales or were unchanged from the previous year with the Muscatine Board (+62.9 percent) reporting the largest increase while the Fort Dodge Board (-10.9 percent) posted the largest monthly decline in sales in areas with a minimum of 30 sales.

The Des Moines area recorded the most sales for the month with an estimated 997 home sales, up from 864 the previous month, while the Iowa City area followed with an estimated 455 home sales for the month, up from 276 in May.

Year-over-year, thirty-four of the local boards posted an increase in their median prices, or were unchanged from the previous year, led by the Benton County MLS (+90.0 percent) with the Keokuk Board (-24.0 percent) posting the largest decline in prices.

The total number of homes for sale across the state increased slightly in June with 21,630 homes actively available, up slightly from 21,259 in May, but down from 24,915 homes available last year.

The average number of days that a home spent on the market was 96, down from 102 days in May and also down from 106 days in June 2011.

Tags: Iowa real estate, existing homes, condos, sales, median home prices

Source:
IAR