August home sales were up 5 percent over August of last year and prices were up 6.6 percent from a year ago according to the Housing Trends by the Iowa Association of REALTORS® (IAR).
Homes continue to sell quickly. Iowa properties sold in an average of 31 days, which are near record-lows for Iowa. In August 2020, homes sold in 57 days on average.
Median sales price rose 6.6 percent over August 2020. The median price for August 2021 came in at $202,500 compared to $190,000 in August of last year.
4,842 properties sold in Iowa during August. The year-to-date sales total is 7.7 percent higher than the first eight months of 2020. The year-to-date sales total is 31,967 properties.
The number of homes available for sale is slowly rising. After almost a year of declining inventory, Iowa has seen 7 months straight with a gradual increase of homes on the market. Our inventory of homes was 19.1 percent lower than in August 2020 with 9,487 homes on the market statewide.
“While homes did sell quickly, the frenetic pace we saw in late Spring and early Summer has subsided. We believe this to be the start of the seasonal slow down we see each fall as school restarts and families settle into their new routine. Despite the challenges with available homes on the market and new construction struggling to keep up with demand, 2021 has been a strong year thus far in terms of number of sales and low interest rates. We encourage potential sellers and buyers to seek the professional advice of a Realtor early in the process,” stated IAR President Jen Burkamper.
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The information used to create the IAR August Housing Trends Report was current as of September 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® - email@example.com or 515-309-9345
Sources: National Association of REALTORS®, Iowa Association of REALTORS, ShowingTime.