Home Sales and Prices In Iowa Continued to Climb in May

Press Release – According to the latest housing report from the Iowa Association of Realtors® (IAR), home sales and prices continued to climb across the state in May.

The IAR released the May 2013 Housing Trends Report during its Board of Directors Meeting at the association’s summer meetings on Wednesday, June 12 in Moravia.

The report reveals that sales rose 10.4 percent, with 369 more homes selling this May than in May 2012. A total of 3,906 homes sold/closed in May, while 3,537 homes sold/closed last May.

May 2013 Iowa Home Sales

The median sale price jumped by $7,500 or 5.8 percent. The median sale price was $130,000 in May 2012 and $137,500 this May. The average sale price also went up 6.9 percent. The average sale price was $151,531 in May 2012 and $161,962 in May 2013.

May 2013 Iowa Home Prices

Days on the market were down by 9 days or 8.7 percent. The average number of days on the market in May 2012 was 103 days, while the average in May 2013 was 94 days.

Iowa’s statewide inventory of homes on the market decreased 11.2 percent from last year, although new active listings increased by 10 percent. Inventory was 18,887, even though there were 5,989 new active listings. The months’ supply of inventory (MSI) was 6.3 months, down 19 percent from last year.

“Although inventory was down from last year, it was up slightly from April, which is encouraging,” said Don Marple, President of the Iowa Association of Realtors®. “The combination of the substantial jump in sales, increased prices and pending sales, and the slight upward tick in inventory from last month gives us reason to believe the market should stay busy for the next few months. We anticipate steady market movement throughout the summer.”

The information used to create the IAR April 2013 Housing Trends Report was current as of June 10 at 1:00 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.

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