The median sale price rose 5.4 percent in May when compared to May of 2016. $155,000 was the median price last month compared to $147,000 last year in May.
The Housing Trends Report from the Iowa Association of REALTORS® (IAR) shows home sales were almost identical last month versus May of last year. 4,398 properties sold in May 2017 when compared to 4,403 properties last year in May.
Homes sold 10 days faster last month. Average days on market was 75 while last year in May it took an average 85 days.
“Iowa real estate saw a small increase in activity in May. New active properties were up 5.6 percent from last year. Sales were at the same level as May of last year while days on market decreased again. Spring and summer are typically the most active months in Iowa real estate. Now is still a great time to buy or sell your home as mortgage rates are expected to increase later this year,” stated IAR President, Cindy Miller.
The information used to create the IAR May 2017 Housing Trends Report was current as of June 14, at 2:45 p.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 almost 7,000 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. 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.