Home Prices and Sales Up in June

CLIVE, IA (07/15/2011)(readMedia)-- The Iowa Association of REALTORS® (IAR) reports that home prices and sales increased in Iowa in June.

The IAR's June 2011 Housing Trends Report shows the statewide average sales price on homes in June 2011 was up 7.6 percent from May. The average sales price in June 2011 was $151,951 and the average price in May 2011 was $141,185. June 2011 prices were very comparable to June 2010 when the average was $151,696.

The total number of homes sold across Iowa last month was 3,292, representing a 12 percent increase from May, when 2,939 homes were sold.

June had the most number of homes sold in a single month all year long since June of 2010, when 4,485 homes were sold. "Some of the June 2011 closings reflect pending sales that we saw on the books in previous months when buyers were taking advantage of great prices and mortgage rates," said Kurt Schade, president of the IAR.

"We are pleased to see prices and sales continuing to move in the right direction. However, we realize that proposed legislation may make home ownership more challenging for many Americans. We hope Congress will take action to keep home ownership possible for the large majority of people," continued Schade.

Twenty-one of the 44 local boards across Iowa reported increases in average sale price, while ten boards reported increases in the number of sales from June 2010. Sixteen boards showed a decrease in the average number of days on the market.

All real estate is local. IAR encourages interested buyers and sellers to contact a local REALTOR® for more information on the market in their community.

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. The information used to create the June 2011 Housing Trends report was current as of July 12 at 12:00 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. 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.

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.