October’s home prices were up 10 percent and sales decreased 34 percent according to the Housing Trends by the Iowa Association of REALTORS® (IAR).
2,900 homes sold in October 2022. In October 2021, 4,403 properties were sold. For the first ten months of 2022, Iowa has experienced a 13.9 percent decline in sales compared to the same period in 2021.
The median sales price for October 2022 was $217,500 compared to $198,000 in October of last year.
The number of homes available for sale continue to increase after record low numbers earlier this year. Our inventory of homes was 10.9 percent lower than in October 2021 with 8,171 homes on the market statewide.
Homes continue to sell quickly. October saw an average of 32 days on the market. That is equal to the days on market in October of last year.
Mortgage rates just dropped below 7% as inflation appears to be cooling off. With that said, National Association of REALTORS® Chief Economist Lawrence Yun does not foresee large home price drops due to low inventory levels and elevated mortgage rates. Yun expects home sales to decline in 2023 with 2024 rebounding with a jump in sales.
"In Iowa, we are still seeing properties sell in about a month, but it is important to remember that all real estate is local. We encourage any potential buyers or sellers to reach out to a local Realtor® to get the best snapshot of the market in their area. A professional Realtor® will advise and guide buyers or sellers through their local market.
The seasonal slowdown in the market continues. While the number of homes on the market remains lower than normal, and as the market continue to shift, experts project homes will begin to spend more days on the market and price growth will slow in the months ahead. With that said, right now there are many properties still selling within one month. Find a local Realtor to help be your guide through the entire process if you want to move before winter,” stated IAR President Byron Menke.
View Details Of Statewide Market Report For October
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 October Housing Trends Report was current as of November 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 Les Sulgrove, MLS Director for NoCoast MLS at the Iowa Association of REALTORS® - les@iowarealtors.com or 515-309-9344.
Sources: National Association of REALTORS®, Iowa Association of REALTORS®, Data from Multiple Listing Services in Iowa, and ShowingTime.