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July Housing Trends: Sales Down, Prices Up, Homes Sold at Record Pace

July’s real estate sales decreased 28.6% percent according to the Housing Trends by the Iowa Association of REALTORS® (IAR). Median sales price rose 17.0 percent over July 2021. 

3,707 homes sold in July 2022. In July 2021, 5,189 properties were sold. For the first seven months of 2022, Iowa has experienced a 8.5 percent decline in sales compared to the same period in 2021. 

The median sales price for July 2022 was $239,900 compared to $205,000 in July of last year. This is a new record high for median sale price in Iowa.  

The number of homes available for sale continue to increase after record low numbers this Spring. Our inventory of homes was 19.4 percent lower than in July 2021 with 7,525 homes on the market statewide.  

Homes continue to sell quickly. July saw an average of 24 days on the market. That is 20 percent faster than July of last year. 

“The housing market in Iowa definitely cooled off in July. A combination of rising mortgage rates, inflation, and rising home prices decreased the demand of buyers. The current conditions favor home sellers with the increase in sales price and houses are still selling quickly, with days on market for single-family homes reaching a record low of 21 days in July. We recommend potential buyers or sellers find a professional Realtor® to help be their guide during these unusual market conditions,” stated IAR President Byron Menke.

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 15. 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®, Data from Multiple Listing Services in Iowa, and ShowingTime.

 

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