Tight inventory continues to be an issue nationwide, but gradual monthly housing market gains in Iowa continue to provide some relief to prospective homebuyers hitting the streets this summer in search of a new home. Though most metrics tracked by the Iowa Association of REALTORS continue to lag behind their markers for 2022, May’s monthly increases in listings and sales showcase the resilience of the Iowa market.
“The housing marketing in Iowa remains strong and stable, despite national difficulties when it comes to inventory,” Krista Clark, IAR president, said. “The summer months have traditionally been a time for change in the housing market, and we expect our moderate monthly increases to continue adding up, showcasing that Iowa is a place people want to call home.”
Single-Family Homes
Despite a national shortage of inventory, May saw 4,030 homes hit the market, an increase of 14% from the previous month. While the short-term increase is encouraging, the year-over-hear metrics represent a slight downturn of 13.2% from the 4,643 homes listed in May 2022.
Home sales made a welcome gain in May with 3,102 homes sold, a 29% increase from the 2,387 properties sold during the previous month. Sticking true to the recent trend, however, homesales year-over-year were down. May’s stats represent a 13.2% decrease from the 3,574 homes sold in May 2022.
The pending sales of 3,197 homes represents a 26.6% decrease from May 2022. The short-term comparison came with a moderate 4.4% increase for month-over-month pending sales.
The days on the market increased year-over-year to 41 days compared to the 31 day average of May 2022. More recently the average days on market decreased from the average 46 days of April. Median sales prices increased 2.5% year-over-year to $225,500.
Townhomes and Condos
The sales and listing of townhomes and condos in Iowa mirrored the trends for single-family homes, showing a decrease in nearly every measure year-over-year.
New listings decreased 2.3% with 596 properties listed, compared to the 610 on the market last year. Conversely, May’s market represents an 14.3% increase from the 521 properties listed in April.
When it comes to townhomes and condos that sold in May, sales were down 27.4% from the previous year. May saw 418 properties sell, compared to 576 the year prior. Month-over-month, sales were up 12.9% compared to April.
Pending sales were down 21% year-over-year, with just 494 sales pending compared to the 625 of the prior year. Month-over-month pending sales figures provided for a 4.8% increase from the 471 pending sales last month.
Days on the market once again increased significantly for townhomes and condos. On average, the properties were listed for 57 days, an increase of 42.5% compared to the 40 days on market last year. Median sales price once again increased, this time by 2.1% year-over-year to an average of $240,000.
View housing market reports based on an Iowa county
For more information, please contact Ashlee Kieler, Director of Marketing and Communications - ashlee@iowarealtors.com
The information used to create the IAR April Housing Trends Report was current as of June 20. 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.