Prices Rise, Sales Remain Steady in October

Estimated Read Time:

Prices Rise, Sales Remain Steady in October. Realtors Fighting for Responsible Tax Reform

October home sales in Iowa remained steady and the median sale price increased by 3.4% compared to October of last year.

The Housing Trends Report from the Iowa Association of REALTORS® (IAR) shows 3,542 homes were sold in October compared to 3,530 in October of last year. Median sale price rose 3.4 percent to $150,000 compared to $145,000 in October 2016.

Homes continue to sell faster this year when compared to the same month last year. The average days on market last month was 72 compared to 77 days in October 2016.

“2017 continues to be a solid year in real estate. While inventory in many metro areas continues to be low, we have sold 2.3 percent more homes so far this year.,” stated 2018 IAR President Mark Kamps.

Earlier this month, over 100 Iowa REALTOR® leaders attended the National Association of REALTORS® Annual Conference and Expo. Homeownership and tax reform were hot topics. Yesterday (November 16, 2017) The House of Representatives passed a bill that the National Association of REALTORS® President Elizabeth Mendenhall called an all-out assault on homeownership.

“Iowa Realtors® and Realtors® from all over the country have been urging Congress for responsible tax reform. The current bill would restrict Mortgage Interest Deduction to just the top 5 percent and repeal the deduction for state and local taxes. It could lower the value of all homes by more than 10 percent and inhibit growth. We encourage everyone to contact their members of Congress and tell them not to allow tax reform become a tax increase on middle class homeowners,” encouraged President Kamps. Consumers can reach out to their members of Congress via homeownershipmatters.realtor  

The information used to create the IAR October 2017 Housing Trends Report was current as of November 16, at 4:00 p.m. The information is subject to change due to the dynamic nature of the IAR’s housing statistics system, which is updated hourly based on information present in 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. Data is collected from local Realtor® boards through their multiple listing service (MLS), which tracks sales activities in the board area. IAR compiles all of the local board data into the statewide report each month. Reports are available online to IAR members and affiliates with a login and password. Anyone is eligible to become an IAR affiliate. For membership information, visitwww.iowarealtors.com.

Iowa Association of REALTORS

This article was written as a collaboration of IAR Staff members or invited subject matter experts.