July homes sold in an average of 30 days, almost 50% faster than 1 year ago and it broke last month’s record of 33 days. Sales dipped slightly at 8.3 percent from July 2020 according to the Housing Trends by the Iowa Association of REALTORS® (IAR).
Median sales price rose almost 11 percent over July 2020. The median price for July 2021 came in at $205,000 compared to $185,000 in July of last year.
5,010 properties sold in Iowa during July. Despite the slight drop in sales, the year-to-date sales total is 7.5 percent higher than the first seven months of 2020. The year-to-date sales total is 26,925 properties.
The number of homes available for sale continues to be low in most price ranges. Our inventory of homes was 23.6 percent lower than in July 2020 with only 9,387 homes on the market statewide.
Homes sold at a record pace in July at an average of 30 days on the market. The bulk of the sales were single-family detached homes that were selling in 28 days. Townhouses or condos were selling slightly slower at an average of 42 days on the market.
“We saw another month of homes selling extremely fast statewide, breaking another record. Keep in mind, the number of homes sold in July was more than 12 percent higher than July of 2019 which was before the pandemic and a typical July from a historical perspective. Normally May, June and July and August are the peak of our seasonal year for home sales. We shall see how August finishes, but it appears this seasonal trend will hold true in 2021. We were pleased to see the number of homes on the market continue to improve. There are still a lot of interested buyers on the market and we encourage possible sellers to speak to a local Realtor to get a market analysis on their home,” stated IAR President Jen Burkamper.
VIEW DETAILS OF STATEWIDE MARKET REPORT FOR July
View the Detailed PDF Report on Statewide Statistics
VIEW HOUSING MARKET REPORTS BASED ON AN IOWA COUNTY
View Reports on Single-Family homes.
View Reports on Townhouse-Condo homes.
The information used to create the IAR July Housing Trends Report was current as of August 16. 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® - mark@iowarealtors.com or 515-309-9345
Sources: National Association of REALTORS®, Iowa Association of REALTORS, ShowingTime.