Iowa homes sold quickly in October, while sales dipped 7.8 percent and prices rose 7.6 percent from a year ago according to the Housing Trends by the Iowa Association of REALTORS® (IAR).
While October sales dropped when compared to October 2020, sales were up from 2 years ago. The pre-pandemic stats from October 2019 are a better comparison as 2020 summer and fall sales were influenced by some pent-up demand from the slowdown during the early stages of the pandemic. 4,265 homes sold in October 2021, while 3,806 homes sold in October 2019. That is a 12 percent increase from 2019 to 2021.
In addition, year-to-date sales were up 5.2 percent from this time period last year. The year-to-date sales total through October is 40,772 properties.
The media sales price rose 7.6 percent from a year ago according to the Housing Trends by the Iowa Association of REALTORS® (IAR). The median price for October 2021 came in at $199,000 compared to $185,000 in October of last year.
Homes continue to sell quickly. Iowa properties sold in an average of 32 days, which continues to be near record-lows for Iowa. In October 2020, homes sold in 51 days on average.
“Inventory levels only dipped slightly in October. We had reasonably good weather and construction continued at a good pace. As interest rates inch higher and increases are expected, we encourage buyers to lock in their home purchases now and take advantage of historically low rates. Possible buyers and sellers are encouraged to find a Realtor® in their area to guide them through the process,” stated IAR President Byron Menke.
Detailed Statewide Market Report for October
View the Detailed PDF Report on Statewide Statistics
Housing Market Report Based on an Iowa County
View Reports on Single-Family homes
View Reports on Townhouse-Condo homes
The information used to create the IAR October Housing Trends Report was current as of November 15. The information is subject to change due to the dynamic nature of the IAR’s housing statistics system, which is based on data from the 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 over 8,000 members and affiliates. The IAR releases a Housing Trends Report each month.
For more information, please contact Mark Gavin, Director of Communications at the Iowa Association of REALTORS® - mark@iowarealtors.com or 515-309-9345
Sources: National Association of REALTORS®, Iowa Association of REALTORS, ShowingTime.