June’s real estate sales decreased 12.8 percent according to the Housing Trends by the Iowa Association of REALTORS® (IAR). Median sales price rose 12.2 percent over June 2021.
4,734 homes sold in June 2022. In June 2021, 5,427 properties were sold. For the first half of 2022, Iowa has experienced a 4.2 percent drop in sales compared to 2021.
The median sales price for June 2022 was $230,000 compared to $205,000 in June of last year. This is a new record high for median sale price in Iowa.
The number of homes available for sale is slowly increasing after record low numbers in April and May. Our inventory of homes was 23 percent lower than in June 2021 with 7,212 homes on the market statewide.
Homes continue to sell extremely fast. June saw an average of 27 days on the market. That is 18 percent faster than June of last year.
“We are experiencing a similar slowdown in Iowa with the rest of the country due to the rising inflation, increased mortgage rates and higher home prices. While the market saw a seasonal increase in the number of homes on the market, the overall supply of homes remains low throughout the state. If this inventory continues to rise, it will help stabilize home prices and the overall market. With these unique market conditions it is important for buyers to speak to a reputable lender to review their mortgage options. There are a variety of products on the market that may fit their specific financial situation,” stated IAR President Byron Menke.
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The information used to create the IAR June Housing Trends Report was current as of July 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® - email@example.com or 515-309-9345.
Sources: National Association of REALTORS®, Iowa Association of REALTORS®, Data from Multiple Listing Services in Iowa, and ShowingTime.