Iowa Home Prices Increased; Sales Decreased in May

Home prices continued to climb while sales decreased last month in Iowa, reports the Iowa Association of Realtors^® (IAR).

According to the IAR’s May 2014 Housing Trends Report, the median sale price across the state increased by 1.1 percent, climbing from $137,500 in May of last year to $139,000 this May. The average sale price decreased slightly by 1 percent, going from $161,098 last May to $159,442 this May.

“With the expectation that interest rates may rise, we urge buyers to start building wealth and invest in real estate,” says Kathy Miller, President of the Iowa Association of Realtors®.  “Likewise, sellers are realizing the importance of positioning their properties correctly in the marketplace,” adds Miller.

Sold activity was down in May 2014 when compared to the number of sold properties in May 2013. Sales decreased by 15.4 percent from last year. A total of 4,116homes sold/closed in May 2013, and 3,482 homes sold/closed in May 2014.

Average days on the market also continued to decrease, dropping another 7 days to 90 days. The average days on the market in May 2013 were 97 days.

The information used to create the IAR May 2014 Housing Trends Report was current as of June 10^th  at 8:19 a.m. The information is subject to change due to the dynamic nature of the IAR’s housing statistics system, which is updated hourly based on information present in local participating MLS (multiple listing service) systems.

The term Realtor^® is a registered trademark, which identifies real estate professionals who follow a strict Code of Ethics as members of the National Association of Realtors^®.  The Iowa Association of Realtors^® is the state’s largest real estate professional organization representing nearly 6,400 members and affiliates. The IAR releases a Housing Trends Report each month. Data is collected from local Realtor^® boards through their multiple listing service (MLS), which tracks sales activities in the board area. The IAR compiles all of the local board data into the statewide report each month. Reports are available online to IAR members and affiliates with a login and password. Anyone is eligible to become an IAR affiliate. For membership information, visit www.iowarealtors.com.