Historically low inventory continued to plague the national housing market in June, and Iowa was no exception. However, small increases across the board in short-term market statistics prove that Iowans continue to value homeownership.
“The Iowa housing market continues to resemble those across the country, which have responded to a combination of the low inventory and higher interest rates with a non-typical summer when compared year-over-year,” Krista Clark, IAR president, said. “Despite these challenges, our monthly statistics show that Iowans continue to have confidence in the housing market, with buying and selling staying consistent through much of 2023, so far. We are optimistic that what appear to be small steps today, will result in a robust and continually stable market for future months.”
Amid the national shortage of inventory, June saw 4,225 homes listed, a decrease of 16.7% from the 5,072 homes on the market in June 2022. The month-to-month stats for June showed some progress, though small, with available homes representing a 4.8% increase from the inventory available in May.
Home sales also declined year-over-year in June, with 3,765 homes sold, a 15% decrease from the 4,429 sold in June 2022. Again, the monthly statistics show a bright spot in the immediate housing market - a 21% increase from the 3,102 homes sold in May.
The pending sales of 3,222 homes represents a 22.3% decrease from June 2022. Staying true to recent trends, the short-term saw an increase, though miniscule, at 0.78% or five additional pending homes compared to May.
The days on the market increased year-over-year to 36 days compared to the 25 day average of June 2022. More recently the average days on market decreased from the average 41 days of May. Median sales prices increased 2.2% year-over-year to $235,125.
Townhomes and Condos
The housing market for townhomes and condos mimicked those for single-family homes, showing a decrease in the long-term comparisons, but several small gains in the short term.
New listings decreased 10.4% with 507 properties listed, compared with the 566 on the market last year. Similarly, month-to-month comparisons showed a 10.8% decrease when viewed side-by-side with the 596 townhomes listed in May.
Year-over-year sales also fell - 5.8% - in June when 572 townhomes and condos were sold, compared to the 607 sold in the same month in 2022. Conversely, sales bloomed by 36.8% versus the 418 properties sold last month.
Pending sales were down 10.6% year-over-year, with 471 sales pending compared to the 527 of the prior year. Monthly sales also faltered, by just 4.6%, from the 494 properties sold last month.
Days on the market once again increased for townhomes and condos. On average, the properties were listed for 51 days, an increase of 34.2% compared to the 38 days on market last year. Median sales price also increased, this time by 8.9% year-over-year to an average of $245,000.
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The information used to create the IAR June Housing Trends Report was current as of July 17. 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.
Sources: National Association of REALTORS®, Iowa Association of REALTORS®, Data from Multiple Listing Services in Iowa, and ShowingTime.