Cedar Rapids Home Prices Continuing to Rise and have Fewer Days on the Market

PRESS RELEASE – Homes in Iowa reached a new low in days on market. Sale prices continue to rise. Home sales in August did drop off from a year ago according to the Iowa Association of REALTORS®.

The median sale price rose 5.8 percent from August of last year. The median price was $138,000 in August 2014 compared to $146,000 this year.

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“The low inventory level in many markets continues to shorten the selling process. We reached a new 5-year low with 63 days on market,” stated Jon Yocum, President of the Iowa Association of REALTORS®. “With interest rates still hovering around 4 percent, it is still a great time to sell your home and settle in to your new home before the holidays.”

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Home sales did drop when compared to August 2014. Home sales in Iowa fell 7.8 percent when comparing August of last year to August 2015. However, year-to-date totals are still 7.6 percent higher than the first 8 months of 2014.

The information used to create the IAR 2015 August Housing Trends Report was current as of September 10 at 8:45 a.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 6,900 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 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, visit www.iowarealtors.com.

**information provided by the Iowa Association of Realtors