May’s real estate sales slipped 7.7 percent according to the Housing Trends by the Iowa Association of REALTORS® (IAR). Median sales price rose 12.6 percent over May 2021.
4,013 homes sold in May 2022. In May 2021, 4,349 properties were sold. On a brighter note, pending sales were only down 2.8 percent from May 2021. Compared to the first 5 months of 2021, sales are only 2 percent lower this year.
The median sales price for May 2022 was $224,000 compared to $199,000 in May of last year. This is a record high for median sale price in Iowa.
The number of homes available for sale continues to be near record lows. The inventory of homes was 28 percent lower than in May 2021 with only 6,519 homes on the market statewide.
Homes continue to sell extremely fast. May saw an average of 32 days on the market. That is 20 percent faster than May of last year.
“The overall housing market may be starting to level off after 2 straight months of declining sales. The increase in home prices coupled with the rise in interest rates are slowing some buyer activity. National economists predict sales will continue to soften in the near future, which may put downward pressure on home prices. The slowdown in sales may provide a much-needed lift to the number of homes on the market,” stated IAR President Byron Menke.
View Details Of Statewide Market Report For May
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The information used to create the IAR May Housing Trends Report was current as of June 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® - firstname.lastname@example.org or 515-309-9345.
Sources: National Association of REALTORS®, Iowa Association of REALTORS®, Data from Multiple Listing Services in Iowa, and ShowingTime.