Homes sales in Iowa jumped 10.4 percent according to the Housing Trends by the Iowa Association of REALTORS® (IAR). Home sales prices remained steady compared to January 2019.
2,132 homes sold in January 2020 compared to 1,932 in January of last year.
Median sales price came in 1.3 percent higher at $160,000 compared to $157,900 in January 2019.
Homes sold relatively fast compared to last year. January saw an average of 70 days on market compared to 74 in January 2019.
“January sales had a nice increase from last year to kick start 2020. Compared to last January, new listings were up 4.4 percent and pending sales were up 7.5 percent which bodes well for February. With low interest rates, low unemployment and rents rising in many communities, this sets up for a healthy buyer demand. We look forward to another great spring market,” stated IAR President Scott Wendl.
From a national perspective, for 2020 the National Association of REALTORS® Chief Economist Lawrence Yun sees good news for home prices. “National median home price growth is in no danger of falling due to inventory shortages and will rise by 4%,” the long-term NAR economist predicts. He is also expecting the new-home construction market sales to increase 10%. Yun and others would like to see home builders bring more affordable units to market to help ease shortages and slow price gains in that segment.
VIEW DETAILS STATEWIDE MARKET REPORT FOR JANUARY
View detailed statewide market report.
VIEW HOUSING MARKET REPORTS BASED ON AN IOWA COUNTY
View Reports on Single-family homes.
View Reports on Townhouse-Condos.
The information used to create the IAR January Housing Trends Report was current as of February 25. 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 7,500 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®, Multiple Listing Services in Iowa, ShowingTime, Inc.