Home Prices and Sales Still on the Rise in August

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With fewer listings on the market in 2013, sellers have been able to get higher prices for their properties; average and median sales prices have remained significantly above prices from last year.

CLIVE, IA (09/15/2013)(readMedia)-- 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 today, 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.

The months' supply of inventory (MSI) continues to hover just above 6 months. The MSI in August was 6.6 months, while the MSI last August was 7.5 months, representing a 12.8 percent decrease.

"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," says Marple. "The current inventory combined with the pending sales in the pipeline hints that there will continue to be a strong market this fall," Marple adds.

The information used to create the IAR August 2013 Housing Trends Report was current as of Sept. 11 at 7:00 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 (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®. This year marks the 100th Anniversary of the Code of Ethics.

The Iowa Association of Realtors® is the state's largest real estate professional organization representing nearly 6,200 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 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.