CLIVE - Home prices and sales continued to rise across Iowa in August, reports the Iowa Association of Realtors (IAR).
According to IAR's 2013 Housing Trends Report released, the average sale price was up 7.8 percent, while the median sale price was up 4.7 percent from the previous August. Average sale price was $161,860 in August 2013 and $150,158 in August 2012. Median sale price jumped from $129,000 in August 2012 to $135,000 this August.
Sales were up 3.7 percent increasing from 3,737 home sold/closed in August 2012 to 3,875 homes sold/closed last month. Days on the market continued to drop, and were down 23.5 percent. The average number of days that homes spent on the market before selling last August was 98 days, while the average last month was just 75 days.
The statewide inventory of homes on the market was down 6.4 percent from last year, despite a 3.8 percent increase in new active listings. Inventory in August 2012 was 21,416, while inventory this August rested at 20,035. New active listings were 4,938 in 2012, and 5,127 in August 2013.
"Inventory is up slightly from previously months, but we are still in a seller's market situation," said Don Marple, President of the Iowa Association of Realtors. "With fewer homes from which to choose, prices have been steadily rising. Both average and median prices have been running significantly higher this year than in 2012," Marple said. "The current inventory combined with the pending sales in the pipeline hints that there will continue to be a strong market this fall," Marple said.