Iowa home sales and prices rose in April

[social Press Release from the Iowa Association of Realtors(r)

]The latest report from the Iowa Association of Realtors indicates that home sales and prices rose in April. The IAR’s April 2013 Housing Trends Report shows that sales climbed 6.1 percent from April 2012. A total of 2,851 homes sold/closed last month, while 2,688 homes sold/closed last April.

The median sale price across Iowa rose by 3.2 percent from $124,000 in April 2012 to $128,000 in April 2013. The average sale price also increased by 1.4 percent. The average sale price was $144,813 in April 2012 and $146,885 in April 2013.

Days on the market continued to decrease, dropping 12 days, or 10.8 percent, from last year. The average number of days on the market in April 2012 was 111 days, while the average in April 2013 was 99 days.

The number of homes on the market across the state at the end of the month was 18,331, down 13 percent from April 2012 when the statewide inventory was 21,061 homes. The month’s supply of inventory (MSI) was 6.2 months, down 20.9 percent from last April when the MSI was 7.8 months.

“Although inventory levels did increase slightly in April from the prior month, more homes are still needed on the market to keep up with demand right now,” Don Marple, president of the Iowa Association of Realtors, stated in a press release. “For those who may be considering selling their home, now is an ideal time to list. Prices have rebounded, plus interest rates are still low, making homeownership affordable for many Iowans.”