Home Prices Dipped Slightly, Sales Slowed in Iowa

CLIVE, IA (05/23/2011)(readMedia)-- Iowa home prices dipped slightly while sales slowed in April, according to the Iowa Association of REALTORS® (IAR).

The IAR's 2011 April Housing Trends Report indicates the average sale price of homes across Iowa in April 2011 was $133,693, down just 2.1 percent from April 2010 when the average sale price was $136,539.

The IAR reports a 29.1 percent decrease in the number of homes sold in April compared to last year at this time. A total of 2,491 homes were sold in April 2011, while 3,511 homes sold in April 2010. Year-to-date sales for 2011 are down by 14.3 percent from 2010.

"Although sales were slower last month, prices inched down only slightly," says Kurt Schade, president of the IAR. "It appears that the lingering soft economic conditions continued to have an impact on the housing market. However, the good news is that low interest rates, attractive prices and financing are still available for those that qualify and have good credit. There are many great homes on the market today for interested buyers," says Schade.

Twenty-one of Iowa's 44 local boards reported increases in average sale price, while only five boards had increases in the number of sales from April 2010. The statewide average number of days on the market last month was 117 days, up 12 days or 11.4 percent from last April. Nineteen boards showed a decrease in days on the market.

The information used to create the April 2011 Housing Trends Report was current as of May 16 at 10:30 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 more than 7,000 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, visit www.iowarealtors.com.