Now is the Time for Buyers to take Advantage of Affordability in Homeownership

Press Release-July 2014-Home sales increased in June while home prices rose slightly, reports the Iowa Association of Realtors® (IAR).

The IAR’s June 2014 Housing Trends Report show sold activity was up in June 2014 when compared to the number of sold properties in June 2013. Sales increased by 3.6 percent from last year. A total of 4,047 homes sold/closed in June 2014, and 3,905 homes sold/closed in June 2013.

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The average sale price increased slightly by 1 percent, going from $168,604 last June to $170,334 this June.  The median sale price across the state decreased by 1 percent, dipping from $146,500 in June of last year to $145,000 this June.

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“Now is the time for Buyers to take advantage of affordability in homeownership. We have more jobs available, the mortgage rates are reasonable, and the underwriting rules are moderately relaxed. We are assured that rates will rise.  The Sellers are seeing less days on market and sale prices remain stable. This is a positive sign for both Buyers and Sellers.”  IAR President Kathy Miller.

In more positive news, the average days on the market has continued to decrease, dropping another 4 days from 85 to 81 days.

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IAR reports that homes prices in second quarter (Q2) compared favorably to Q2 of the last two years. The categories of average price and sold price increased from both 2012 and 2013. The median sale price of homes across Iowa in Q2 of 2014 was $137,787 and the average sale price was $160,327. The median sale price was $137,500 in Q2 of 2013, and $130,500 in Q2 of 2012. Average sale price was $159,695 in Q2 of 2013, and $153,324 in Q2 of 2012.

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Active listings in Q2 were higher than Q2 of the previous 2 years, while pending listings and sold listing dipped slightly.  New active listings in Q2 of 2014 totaled 18,040, new pending listings were 11,614, and homes sold were 10,804.

graph 5The 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 6,500 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. 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