Home Prices Climb Higher, Sales Drop In July

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Iowa home prices continued their climb in July. Median sale price rose 3.9 percent as compared to July of last year. Home sales dipped by 5.7 percent from July 2016.

The Housing Trends Report from the Iowa Association of REALTORS® (IAR) shows July home sales at 4,180 homes compared to July 2016 at 4,434 homes. 

The median price of homes in July was $160,000 as compared to $154,000 last year at this time. Despite the dip in July’s sales, year-to-date sales are 2.2 percent higher than 2016. 

The pace of home sales continues to increase. Days on market was an average of 69 days in July down from 72 days in July 2016. 

“Realtors across the state continue to be very busy during the summer months. New Listings were up over 5 percent in July and the overall number of homes on the market increased as well. We look forward to a lot of activity in late summer and early fall. With the days on market falling in almost every area in the state, it is critical that buyers have all their finances in order so they can move quickly when they find the house they want. We advise them to speak to their lender and Realtor® to make  sure they are ready to make a quick offer,” stated IAR President Cindy Miller. 

The information used to create the IAR July 2017 Housing Trends Report was current as of August 15, at 11:00 a.m. The information is subject to change due to the dynamic nature of the IAR’s housing statistics system, which is updated hourly based on information present in 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 7,000 members and affiliates. The IAR releases a Housing Trends Report each month. Data is collected from local Realtor® boards through their multiple listing service (MLS), which tracks sales activities in the board area. IAR compiles all of the local board data into the statewide report each month. Reports are available online to IAR members and affiliates with a login and password. Anyone is eligible to become an IAR affiliate. For membership information, visit www.iowarealtors.com.
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