Iowa Housing Market Continues to Look Strong

As we wind down to the end of the year, it’s good to know 2013 housing market is closing on the strong side. Even though home sales are down right now, Trulia predicts an increase in real estate inventory is predicted this year. Higher home prices will help spur an increase of home listings and even though mortgage rates will increase, home loans may be easier to secure. New mortgage rules in 2014 may make lenders more confident lending money. Contact me today at 319-480-5262 for more details.

Press Release from the Iowa Association of REALTORS®

The Iowa Association of Realtors® (IAR) released its November 2013 Housing Trends Report and it continued to show a strong housing market in Iowa. With home prices up again, days on the market down, and the year to date (YTD) sales also up over this time last year, the overall market looks promising.

According to the report, the average sale price increased by $5,887 or 4 percent. In November 2012, the average sale price was $147,796, and it grew to $153,683 this November. The median sale price was also up 4 percent; growing from $125,000 in November 2012 to $130,000 this November.

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Days on the Market (DOM) also continued to decrease, which is good news for sellers around the state. In November 2012, DOM was 101, while this year the report shows just 81 DOM; a decrease of 19.8 percent.

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Due to the decrease in pending sales last month, the total sales were slightly down this month when compared to last year. In November of 2012, sales were 2,795 and dropped just 1.6 percent to 2,749 this year. However, the YTD sales showed great promise; coming in at a 7.7 percent increase over last year. 

Kathy Miller, IAR 2014 President, says, “With the positive pricing growth, continued low interest rates, and fewer days on the market, Iowa should continue to see a strong housing market.”

All real estate is local. IAR encourages interested buyers and sellers to contact a local Realtor® for more information on the market in their community. I am a member of the National, Iowa and local REALTOR® Associations.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 nearly 6,300 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. The IAR compiles all of the local board data into the statewide report each month. The information used to create the IAR November 2012 Housing Trends Report was current as of December 12 at 10:03 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 systems. Contact your local board of Realtors® for more specific local data. 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, visit www.iowarealtors.com.

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