Home Sales and Prices Up in July

CLIVE, IA (08/14/2012)(readMedia)-- The Iowa Association of Realtors® (IAR) announces that Iowa home sales and prices increased in July. July marks 13 back-to-back months of increased home sales, capping a one-year string of positive movement in the market.

According to IAR's July 2012 Housing Trends Report, home sales increased 2.8 percent from last year at this time. The report shows a total of 3,367 homes sold/closed in July 2012, while 3,274 homes sold/closed in July of last year. Twenty-six of Iowa's 44 local Realtor® boards across the state reported increases in number of sales last month. Pending sales were up by 4.2 percent. There were 3,223 pending sales in July 2012 and 3,093 pending sales in July 2011.

Median and average sale prices also increased last month. The median sale price in Iowa was up by 3.8 percent while the average sale price was up by 2.1 percent. The median sale price was $134,900 in July 2012 and $130,000 in July 2011. Twenty-seven local Realtor® boards reported increases in median sale price.

Iowa's statewide inventory of homes on the market at the end of the month was 21,630, down 13.2 percent from last year when the inventory included 24,915 homes. New active listings decreased by 1.0 percent. There were 4,936 new active listings in July 2012 and 4,886 new active listings in July 2011.

Another area of improvement is days on the market. The average number of days on the market in July was 96 days, down 10 days or 9.4 percent from last July. Twenty-eight local Realtor® boards reported a decrease in the average number of days on the market.

"Activity continues to be strong. We anticipate sales to stay ahead of last year through the next couple of months as pending sales are running ahead of last year at this time," says Dale Gross, president of the Iowa Association of Realtors®.

Individuals who are ready to become homeowners may want to take a look at their local real estate market now, says Gross. "This is a time of high affordability. Prices are low, although they are starting to creep up. In many cases now it's cheaper to buy than to rent. Mortgage interest rates are also very low. This may be an opportune time to buy a home and start building wealth," says Gross. Every market is different. Gross encourages buyers and sellers to contact a local Realtor® to pursue their homeowning goals.

The information used to create the IAR July 2012 Housing Trends Report was current as of August 13 at 11:00 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. Cherokee data is now reported as part of the Storm Lake MLS.

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.

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 nearly 6,200 members and affiliates.