Home sales were up slightly in October while homes are selling faster and for a higher price than last year at this time according to October Housing Trends by the Iowa Association of REALTORS® .
3,487 homes sold in October compared to 3,443 homes sold in October 2017. Median sales price rose 3.7 percent from $150,900 in October 2017 to $156,500 last month.
Homes continue to sell quickly in Iowa with an average of 56 days on market in October. That is over 23 percent faster than October of last year.
“The market continues to level out and some of the increases we saw earlier this year are slowing down. With low unemployment, a strong economy and reasonable interest rates, it is still a great time to buy a home in Iowa. The inventory numbers for single family homes is at the highest it has been in over a year, ” stated IAR President, John Goede.
The information used to create the IAR October 2018 Housing Trends Report was current as of November 15 at 1:00pm. 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 7,200 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